We need a financial system that is receptive to new ideas and new ways. We need a financial system built on solid foundations. We also need to renovate our financial system. And this can only happen if we act on the risks and challenges we face, now and in the near future.
A little more than a decade after the financial crisis, we have made great strides in building a better capitalized and more resilient financial sector. The regulation of the financial sector is better and stronger. The capital framework has been revised with a new Basel Accord. Within Europe, the Banking Union has been created.