Surveillance authorities have to be as alert as possible, as recommended in the Financial Stability Forum (FSF) report. And we have to update and improve regulation. I also welcome the work which has been done by the private sector. It seems fair to me to give the financial institutions a chance to work out good practices and benchmark principles for their own voluntary behaviour.
If they are not able to do that or if we judge their work insufficient then we have a case for regulation. In any case we should implement the 67 recommendations of the FSF as actively as possible. Some recommendations should be implemented in 100 days, others by the end of the year.