Obviously, all institutions need to plan to continue serving customers in a major disruption, and supervisory standards have required them to do so for many years. However, it is increasingly evident that the operational resilience of the largest institutions in key markets should reflect their systemic impact across the financial sector.
But at the same time we must maintain a certain degree of national flexibility. National financial systems continue to differ, in some cases substantially. This being so, it would not be appropriate to strive for across-the-board uniformity for all regulatory requirements. We should not stop competing for optimal regulation. By that I don’t mean countries undercutting each other with more and more lax provisions.