This means in particular that the risk management function needs to receive a more prominent role in the organizational structure, specifically with respect to authority and independence. Regulating markets and infrastructures Concerning the regulation of financial markets, the crisis has clearly shown that turbulences in one segment of financial markets can create spill-overs and contagion to other segments.
Moreover, we have seen that both banks and other types of financial intermediaries had been seriously affected by the financial crisis. Therefore, I welcome the recent agreement to establish three pan-European micro-prudential supervisory authorities – the European Banking Authority (EBA), the European Securities Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA).