Therefore, I am convinced that the effort we have put into the post-crisis reforms and the compromise we have found will pay off for all of us. It will contribute to a healthier and more sustainable global financial order. With respect to the regulatory agenda, it is now time to take a step back, to wait and see how the new rules play out.
There are a few areas where action is called for, such as the regulatory treatment of sovereign bonds. But apart from that, we should not tighten the screws of regulation further. Financial institutions need regulatory certainty, and they need a period of respite.