True, the weaknesses that have been exposed are now easy to interpret in terms of crude failures of private and national housekeeping. It is crucial not to lose sight of those fundamental rules: the need to retain sufficient internal and external balance in order to ensure budgetary and financial stability. But that is not my focus today.
It is a particular pleasure for me to share with you some of my thoughts on the future of financial supervision in Europe. The prime objective for financial supervisors is to maintain the efficiency and stability of the financial system. This is already a challenge at the national level and is increasingly becoming one in a European context as well.