We have not only reformed supervisory structures and the way in which national supervisors work with one another, we have also formulated a number of new rules which will make certain lines of business more expensive and render banks more resilient.
It is important now that we pay attention to consistency in further forthcoming regulatory measures, and that we very carefully analyse and take account of the incentives created and the cumulative effect of the numerous measures. Basel III, with its more stringent requirements for the quality and amount of capital held, is without doubt the key challenge for German institutions over the coming years.