National governments, regulators and supervisors, and the private sector and financial industry have to proceed with the difficult, but vital, measures required to ensure a sound basis for economic growth. With China being one of the most important trading partners for the euro area and vice versa, recovery in the euro area and China is in our mutual interest.
In this capacity DNB uses its influence in the international regulatory environment. There we liaise with standard-setting bodies to ensure that new regulations and standards advance the public good. I will illustrate how we have played this role in practice, using recent developments of International Financial Reporting Standards as an example.