Ladies and gentlemen, I have just sketched the main fields of regulatory reform: new capital and liquidity requirements as well as systemically important financial institutions and shadow banking. However, making the financial system more stable is not an objective in itself. Rather, it has far-reaching implications for the real economy.
After all, the financial crisis led to the most pronounced downturn since World War II. Nevertheless, if we wish to make a sound and comprehensive judgement on the future perspective of economic growth, we have to take a long-term view and look beyond the current crisis. In this context, the concept of potential output permits a calm and objective view of the matter.