A contributing factor in this result was the decision to implement the project for Banking Union: the complexity of the reform and the commitment to carrying it out within a very short time frame, at least as regards the Single Supervisory Mechanism, were signals of the strong determination to continue on the path to integration.
It is evident that they were ignored on occasion, wilfully or otherwise. As I said earlier, we are working with the industry to produce a principles-based code of conduct rather than a set of prescriptive regulatory standards. It will not impose legal or regulatory obligations on market participants, nor will it supplant existing regulatory standards or expectations.