I would now like to move on to the second area of intervention – aimed at restoring sustainable growth, to which the US and European authorities are committed. It concerns financial regulation.
What the counterparty is buying is an instrument that is backed by encumbered Government securities. I would be glad to hear your views on this debate. Treatment of derivatives under NSFR is being actively debated internationally. Further, margin requirement for OTC derivatives is another area that is being widely discussed.