Moreover, further supervisory guidance needs to be developed for liquidity risk, incorporating the lessons from the turmoil and focusing on liquidity stress-testing and contingency funding plans. These are three examples of areas where very important progress should be made. More generally, I would call for a further significant change of culture at the national, European and global level.
I would sum up this cultural change with two words: transparency and anticyclicality. “Transparency” because enhanced public information on financial instruments, on markets and on institutions is not only necessary to permit market participants to take optimal economic decisions, but is also the only way we have of avoiding contagion, herd-behaviour and, therefore, the propagation of turbulences in times of difficulty.