This should enhance the level playing-field between banking institutions and strengthen market discipline. In this way, the IFRS can also provide various stakeholders with some early warning signals concerning exposures or risks. This holds particularly true for investment banking activities and for the use of risk transfer instruments.
Finally, I would like to return to my second objective today, and raise some suggestions on possible future market-driven initiatives, especially regarding transparency. These questions directly follow from what I said earlier about the risks of opaque markets. The credit derivatives market is of a global nature, and the ECB welcomes joint initiatives driven by market participants.