Let me now conclude by saying that although much has been achieved to improve the European regulatory and supervisory framework, a lot still remains to be done. This is no time for complacency. We still need to make further progress to create a supervisory and regulatory framework, both micro and macroprudential, in which a strong and competitive financial system can enjoy sustainable growth.
Europe should play a leading role in these developments. Thank you for your attention. 8  BIS Review 6/2010