While heterogeneous national structures make it imperative to maintain a certain degree of flexibility when reforming financial regulation, we must ensure that individual countries do not game the system to the benefit of their own financial institutions.
Financial centres, when vying for a good position among themselves, must under no circumstances be permitted to engage in activities at the expense of financial stability, not least given the ever closer interconnectedness in the global financial system. Individual countries should not seek advantages by watering down, or by reluctantly implementing internationally agreed reforms.