All countries face a varying degree of challenges. In Luxembourg we still have significant gaps, particularly with respect to institutional reforms and the adjustment of our model of supervision.
In this regard, I am aware that there is no perfect supervisory model, nevertheless, we must try to profit from the recent experiences of other neighbour countries in order to mitigate systemic vulnerabilities and enhance financial stability. As you know, different countries; U.K., Belgium, France and recently Switzerland, have adjusted their model to be more integrated.