Conclusion  Ladies and gentlemen The international regulatory agenda is not a patchwork. Rather, it represents an all-embracing approach covering a wide range of issues from institutions to financial markets to individual instruments. This coherent strategy consists of several interlocking structural elements, the overall impact and potential interactions of which have to be carefully analysed.
For it is only with an internally consistent regulatory agenda that we can make the international financial system more stable and more resilient to crises. In order to achieve this goal, the international agreements now finally also have to be consistently transposed into national regulations and laws.