We need to get all these reforms right, so as to ensure that the euro area can meet the future challenges with even greater capacity and conviction. 2011 will be also the first year of existence of the European Systemic Risk Board. (ESRB). As you call for in your draft Resolution, the ECB is doing its utmost to support this new body.
However, as identified by international stakeholders like BIS and the World Bank, correspondent banking relationships are weakening due to various factors, such as higher costs and increased KYC requirements, especially for firms operating in risky jurisdictions. As a result, smaller banks in weak jurisdictions have suffered the most.