*  *  *  Let me close this conference by making a few remarks on the political climate in which regulators and supervisors are working and which the previous panel discussed. And while today is certainly a day for celebration, I also want to mention one major challenge the SSM is facing in the years to come.
In my view, we should fairly swiftly bring to a close the global reform agenda. After nearly a decade of regulatory reforms the public, the media and policy-makers are weary. Regulatory fatigue is spreading; the pendulum is swinging back from widespread pressures for regulation to a preference for lighter banking regulation and supervision.