In view of past experience with fiscal rules, in particular, I strongly believe that the euro area can only be maintained as a stability union in the long run if its framework sufficiently embodies a key principle of regulatory policy: the principle of liability.
And we have seen a higher degree of transparency as market participants are now more comfortable in judging what information to share and how. The Code also reflects a much broader movement in financial markets towards fair and ethical trading practices. Consider the traction that sustainable investment has gained within the financial markets industry in recent years.