Market regulation on, for example, overthe-counter instruments, alternative investment vehicles and ratings agencies is also an issue in this context. On the economic side, at the European level, the key challenge is to bring the “economic” part of E-M-U up to speed with the “monetary” part. The crisis has shown that the overall system of economic governance was in need of fundamental reform.
We will continue with that over the next year, again having a number of rounds of comment from market participants through the FXC process. Our intention is that the complete Code will be released following the Global Foreign Exchange Committee meeting in London in May 2017.