I was asked to talk about quite a few topics, so I decided I would start at the global level in the first part of my talk and then switch to the European level. At the global level, I will talk about Basel III and its implementation. At the European level, I will focus on the European banking union and its future development.
First, there is consensus on one of the points mentioned earlier, namely the need to strengthen financial institutions’ resilience; the capital and liquidity buffers for weathering crises have to be increased. More robust capital and liquidity requirements as well as an improved measurement of exposures to risks are also necessary so that risks arising from excessive leverage can be better controlled in the future.