If comparable standards are not implemented in all jurisdictions simultaneously, financial activity will likely migrate to less regulated jurisdictions as well as into shadow banking with disruptive consequences for the entire global financial system. As we move forward in the area of regulation, the investment needs of the emerging market and developing economies also deserve special attention.
Benoît Cœuré, how much does the personality of the President actually influence the decision of the Governing Council? Well, that’s an interesting question.