This includes policy-induced reform, such as the Financial Services Action Plan initiated by the European Commission in the spring of 1999. Reform also covers market-led initiatives, as for instance the development of electronic trading platforms. As you know, the different financial markets have reached different levels of integration.
In order to calm this galloping herd, the policy authorities should provide appropriate information on market conditions, so that players can decide upon the level of risk they wish to accept from a long-term and system-wide perspective. Concluding remarks So far, I've briefly dealt with our experience of financial crises and the importance of macro- and micro-prudential surveillance, together with the tasks ahead.