Raising the retirement age would significantly advance the sustainability of the system. The delay arisen is therefore regrettable. Financial stability hinges on international agreements and coordination. Major progress has been realised both globally and within Europe. Nonetheless, plenty of room for improvement remains. Authorities need wider powers to acquire or relaunch flailing institutions.
Supervision should be tightened too, to ensure that a closer watch is kept on the strategy and corporate culture of supervised institutions, but also that more account is taken of the macro-environment in which financial institutions operate. Let me conclude.