It has been clear to economists and policy makers for a long time that financial markets can only work smoothly and efficiently, if they can rely on a complementary legal and regulatory infrastructure. Thus the economic integration of European financial markets has to be accompanied by the necessary adoptions of regulatory frameworks and regimes.
The topic of the conference is therefore a very important one. The problems that arise in this process are a big challenge for supervisors and regulators. They are also a challenge for central bankers because central banks are traditionally among the institutions closely involved in the supervision of the financial system.