But there is one thing we must ensure: namely, that we remain true to the original intention of the Basel Accords: to provide global rules for global credit institutions. For all the others, I would like to see appropriately gradated rules.
I think it is obvious that to make the financial system a safer place we have to cooperate in regulation, in supervision, and in the resolution of banks. However, these are not the only challenges we face. Last week, the ECB Governing Council took far-reaching decisions in reaction to the long period of very low interest rates.