Nevertheless, the German banking system still has vulnerabilities and structural shortcomings. Above all, the revised regulatory provisions for more capital and for a more appropriate liquidity reserve will bring about a longer-term gain in stability. One key challenge that still has to be resolved, however, is how to deal with systemically important financial institutions. II.
This can be done through systematic collaboration, to ensure cohesion and promote synergy. As each nation is here represented, I am confident we are off to an auspicious and productive start. But can there be constancy amidst change? The answer, I would say, is “yes.” This year, the Philippine SEC celebrates its 79th Founding Anniversary.