IV Therefore, my conclusion is that it is necessary to close the remaining regulatory gaps, to harmonise the existing regulations and supervisory practices and to intensify cross-border and cross-sector cooperation among the supervisors. I believe that new institutions in Europe are not practicable at the moment. The existing bodies should be strengthened instead.
Ensuring an appropriate system of regulation for the European financial system remains an ongoing task. More than ever, this calls for a flexible response from policymakers and regulators. 3  BIS Review 107/2000