Today, I would like to focus on the enhancements to the European regulatory and supervisory architecture which need to be implemented in order to restore confidence. The financial crisis has affected all European countries. In some, the financial landscape has dramatically changed. There is now a broad consensus that shortcomings in the regulatory and supervisory framework have been at the root of the problem.
Restoring confidence in financial markets thus requires a substantial overhaul of the supervisory framework, both at national and European level. These changes call for political decisions, which are in your area of responsibility, at national and European level. Various bodies are examining the situation. In particular, the group chaired by Jacques de Larosière will deliver its report to the European Commission shortly.