This would allow for regulatory convergence at the international level. International consensus on the key features of structural reform is warranted in order to prevent regulatory arbitrage. Thus, I warmly welcome international coordination of structural reform proposals tasked to the Financial Stability Board. The Commission proposal would cover the largest and most trading-intense banks in Europe.
These are the banks that have benefitted the most from the implicit government guarantee and where there still are doubts whether they could be resolved in an ordinary fashion. It is thus natural that the structural reform is targeted at them.