I have already had some very productive meetings here in Tokyo, and I am looking forward to my discussion with you today. Thank you for the invitation, Mr Misawa. We are here to talk about international challenges in financial regulation. To kick-start our discussion, I would like to give you my view from a European perspective.
I was asked to talk about quite a few topics, so I decided I would start at the global level in the first part of my talk and then switch to the European level. At the global level, I will talk about Basel III and its implementation. At the European level, I will focus on the European banking union and its future development. 2.