Of course, public views about the fairness of proposed changes to the tax code will surely play a significant role in the current debate, and these views will be driven by perceptions of the fairness of the current tax system. The standards by which the public judges fairness are deeply rooted in judgments of whether, and which, incomes are the consequence of individual effort.
The new framework is an important response to the financial crisis and it also takes us forward in fostering European financial integration, a key dimension of the Single Market. The ESRB I will have the responsibility of chairing the ESRB, which has the mandate of mitigating EU-wide systemic risk through macro-prudential oversight.