In any case, I welcome the fact that the European rules are now being reviewed. In November, the European Commission made proposals on how to adapt and amend the relevant laws. And there are a lot of good things in these proposals. First, they support the idea of the global regulatory wall.
They seek to transpose a series of global standards into European law – the leverage ratio is one example. Second, they support the goal of creating a truly European banking sector. They allow for capital and liquidity waivers to be granted for intragroup exposures – not just within a single country as before, but on an EU cross-border basis.