International fora are seeking to identify and analyse the weaknesses of the current regulatory and supervisory framework, and are reflecting on the improvements needed. The next G20 summit, on 2 April 2009, will play a crucial part in reaching an international understanding on the main elements of the new regulatory framework resulting from the financial crisis.
Today, I would like to focus on the enhancements to the European regulatory and supervisory architecture which need to be implemented in order to restore confidence. The financial crisis has affected all European countries. In some, the financial landscape has dramatically changed. There is now a broad consensus that shortcomings in the regulatory and supervisory framework have been at the root of the problem.