For their part, central bankers and supervisors of financial systems, working through the newly established Financial Stability Board (FSB) and the newly enlarged Basel Committee, rapidly developed a program for reform of the financial sector and its supervision.
*  *  *  Madam Chair, Honourable members of the Committee on Economic and Monetary Affairs, It is a great pleasure to present to you the European Central Bank’s Annual Report for 2012. The ECB has always stressed that its independence must be accompanied by the highest standards of accountability. The Annual Report is central to discharging this obligation.