It runs counter to the idea of a level playing field and creates problematic incentives in terms of uniformity and size in the banking sector. This needs to change. I am convinced that we need to strengthen the principle of proportionality in banking regulation.
Now some of you might want to stop me at this point and ask: How do you reconcile that with the full and consistent implementation of Basel III that you just advocated? To answer this, let me point to the original idea of the Basel rules.