Moreover, the relevant regulators here and around the world know what needs to be done over the next five months, and are communicating with the business leaders managing the world’s financial institutions. The progress we see in the global financial sector and the evidence from successful cross-border and domestic tests are also positive signs.
The move to foster ‘openness, strength and resilience’ underlies ambitions towards greater economic and financial strategic autonomy.7 This transition encapsulates initiatives like completing Banking Union, making progress on the Capital Markets Union, promoting the international role of the euro, strengthening the EU’s financial market infrastructures, and improving the implementation and enforcement of the EU’s sanctions regimes.