At an EU level, ECOFIN has set out a roadmap for dealing with such episodes of turbulence, while the Financial Stability Forum, which brings together national authorities, international financial institutions, financial regulators and central bankers, has reviewed the lessons from a global perspective and presented them at the G7 last weekend.
From then on, the banking union will rest on two pillars and provide a stable framework for European financial markets. 4. Conclusion  Ladies and gentlemen, let me return to the beginning of my speech. With regard to regulatory reform we might ask: mission accomplished or mission impossible? At the end of the day, the most probable answer is: a bit of both.