Let’s go back to the economic crisis for a moment – I saw that in his presentation, my friend Georges had a slide telling us that the crisis can also be seen as a failure of regulation. In the case of the country where it began, the US, it was most certainly a failure of regulation.
And in this world, where all economies are interconnected, these reform tasks must be applied in all countries without exception; otherwise the so-called regulatory arbitrage issue will emerge, and the global financial reforms will be unable to show their desired effects.