Ladies and gentlemen, it is very hard to say, with any degree of certainty, which factor would affect domestic monetary policy more, because, all these factors are interrelated.
In this respect I hope that rapid progress will be made with the Commission’s legislative proposals on short selling and OTC derivatives, which address some important shortcomings of the current regulatory framework. We also need more work on credit rating agencies and hedge funds. Since December 2009, credit rating agencies in the EU have been subject to mandatory registration and oversight.