And as you will understand from my speech, I would like to congratulate Philips on these outstanding principles and Jan Hommen on his undoubtedly large contribution to their development. Ladies and gentlemen, thank you very much. BIS Review 24/2005  3
We cannot consistently manage a common regulatory framework if we accept for too long a playing field which is not level, arbitrages among national supervisors, discriminations in the protection of policyholders along national borders. This was often the case under Solvency I, with so many national differences permitted by the EU directives. Solvency II allows a much more limited number of national specificities.