Meanwhile, I admit I don’t have the crystal ball beyond the current crisis to foresee its specific effects on the longer-term monetary architecture. But they are certainly not unconnected: e.g. the proposal for new SDR allocation is closely related to the pursuit of a better functioning multilateralism.
We need to strike a better balance between setting standards for internationally active banks and allowing for different business models of the thousands of small and medium-sized banks in Europe. Clearly, we can only meet this task at European level. That’s why we need to move forward with proportionality within the current review process of CRR and CRD IV.