Accordingly, we need to ensure that internationally agreed measures are transposed into national laws and regulations in a timely and consistent manner. I strongly support the in-depth implementation monitoring by the Financial Stability Board and by international standard-setting bodies as essential tools for maintaining implementation pressure. Finally, the crisis has reminded us that containing systemic risk is vital for safeguarding financial stability.
To mitigate and prevent systemic risks, macroprudential policy frameworks are being implemented in many countries, including Germany. Since the beginning of this year, the German Financial Stability Act has been in force. A Financial Stability Commission comprising representatives of the Bundesbank, the Federal Financial Supervisory Authority and the German Finance Ministry has been established.