The lack of integration and coordination in financial regulation was pervasive before the crisis, even though this was not properly appreciated at the time, and has encouraged financial institutions to engage in a large degree of regulatory arbitrage.
* * *  Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament (by videoconference) Frankfurt am Main, 14 April 2021 Madam Chair, Honourable Members of the Committee on Economic and Monetary Affairs, Ladies and gentlemen, I welcome the opportunity to appear before this Committee to present the ECB’s Annual Report for 2020.1 Today we will also publish the feedback on the calls and requests contained in your resolution on our previous Annual Report.2 This has been an exceptionally challenging year for all of us.