But let me be clear: all macroeconomic studies on the impact of regulatory reforms are consistent in stressing that the overall economic benefits far outweigh the costs. 2 And that means that there is no way around fully implementing the reforms that have already been initiated and finalising their outstanding elements.
To summarise the current status quo, the banking sector’s construction site show that good progress has been made; the most important bridges have been renovated, rebuilt or newly constructed. Yet, several projects still lie ahead before reconstruction is complete; let us move to the, in my view, three biggest challenges facing the banking sector. 5.