Over the past decade of crisis, the need to take decisions, even critical ones, often faced three hurdles: fear that not all potential complications had been considered, opposition from vested interests and doubts about the legitimacy to act.
We have seen that, far from damaging growth, a strong regulatory framework is essential in ensuring strong long-term economic performance. Let me now briefly touch upon the key achievements of the efforts to reform the financial system. We have increased capital requirements well above the levels in force before the financial crisis.