To be efficient in rebuilding confidence, you have to demonstrate that you are doing, immediately and audaciously, what is necessary today.
An important property of Solvency II is that it is a maximum harmonisation regime, and so should increase supervisory convergence across Europe. In view of the high degree of cross-border trade in insurance products, the Central Bank of Ireland strongly supports convergence in supervisory standards, which would contribute in a significant way to the long-term resilience of the financial system in Ireland and Europe.