Throughout the global crisis, resolute action by policy-makers has helped to avoid a repeat of the economic policy disasters of the 1930s – and to foster close cooperation around the world, including among central banks. But recent developments in European sovereign debt markets remind us that the crisis is not yet over.
I strongly support the attempts to gear the regulatory and supervisory system more closely to macroprudential principles. It is in the interests of all the financial market players to press ahead with the debate on the substance, objectives and operational framework of independent analysis of financial stability.