When in doubt about whether a product, service, or activity warrants review as a new product, financial firms should err on the side of conservatism and route the proposal through the new-product approval process. Cutting short a new-product review because of a rush to deliver a new product to market, or because of performance pressures, increases the potential for serious legal and reputational risk.
This was a major step forward in the process of building an ever-closer union among the peoples of Europe. We are a European institution that has been capable of deciding and acting in good times as well as in very challenging times. This is a remarkable achievement from an institutional point of view.