In our view, this crisis shows that the Italian supervisory model can provide a useful point of reference for the process of convergence. It will be just as important to develop strict, common approaches to the enforcement of the European standards.
For UTI is a critical data element in making the global OTC derivatives markets transparent. For this reason it is vital that you, the regulators and private sector representatives gathered in this room, are going to pay particular attention today to the governance aspects of the UTI. As you will no doubt be aware, work on the governance of the UTI is already underway.