I have no doubt that our guest of honour this evening – Pablo Hernández de Cos – sees things in exactly the same way. All the more so as the positive effects of the reform package clearly outweigh any downsides it might have.
After all, Basel III is a prime example of how global collaboration and cooperation really can work – that ability is priceless, especially in an era when unilateralism is on the rise and individual countries choose to “go it alone”.