Banks are to set aside additional capital as reserves during good times to prepare us for bad times. We are also pursuing enhancements on operational risk management standards. Two key reforms in this area include issuance of standards on model risk management and reputational risk management.
It also entrusted the task of ensuring appropriate coordination of national policies to the European Commission. 1  I would like to thank Maximilian Freier for his assistance in preparing this remark. All views expressed herein remain mine. 2  Delors, Jacques (1989), Report on Economic and Monetary Union in the European Community, Committee for the Study of Economic and Monetary Union, April.