*  *  *  Introduction Ladies and Gentlemen, 1 I am very glad to participate this morning in the presentation of the latest “Observatorio” from the Fundación de Estudios Financieros (FEF). 2 This year’s report is dedicated to the very important issue of the Reform of the European Financial Markets.
The current financial crisis has revealed a number of deficiencies in the European and international regulatory framework, which need to be addressed in order to place our financial systems and economies on a more solid footing. As a result, a number of initiatives have been undertaken in the relevant European and international fora.