Yves Mersch: From Basel III to European banking regulation Dinner speech by Mr Yves Mersch, Member of the Executive Board of the European Central Bank and Vice-Chair of the Supervisory Board of the European Central Bank, at the IIF 6th Annual European Banking Union Colloquium, Frankfurt am Main, 25 November 2019.
* * *  Introduction Free markets are the best way of organising an economy – on the whole. And the ECB is constitutionally committed to this principle. But public goods generally require some degree of regulation to protect the interests of society. Financial stability is one of these public goods, embedded in the price stability goal.