Proportionality in the application of Solvency II could be a way out of these doldrums. It will be interesting to hear from you on this point. I think that proportionality is a good principle, and its application to the second and third pillar of Solvency II – that is governance and reporting – is certainly worth being discussed.
For instance, in IVASS we have been working a lot on the national implementation of the governance requirements set by Solvency II, and we have spent quite some time in thinking on how best to ensure their proportionate application, taking into account the needs of SMIs. Following previous fruitful experiences, we see merits in an early involvement of the industry in this process.