By the same token, further work has to be done with respect to financial regulation, and that applies not only to the euro area, but globally.
Some key objectives in this respect are: spelling out international standards on the loss-absorbing capacity of systemically important banks, achieving cross-border acceptance of a bank resolution, peer reviewing measures regulating the shadow banking sector and establishing saver derivative markets. 4. Conclusion  Ladies and gentlemen, let me come to a close.