Whatever political decision is taken, supervisors will not only do all they can to make the transition to a new regime as smooth as possible; they will also, in the long run, try to reduce unnecessary inefficiencies where possible. That way, we can hopefully keep the efficiency losses to the economy at a rather negligible level.
Yet, one thing must be absolutely clear: relaxing regulatory standards as an instrument of economic policy is not an option. Competitive deregulation through tax or supervisory policy would erode the foundation of our future cooperation. 7. Conclusion Ladies and gentlemen I was born in the United States, grew up in Germany, and spent much of my life working around the world, including London.