Second, developing a genuine single rulebook for capital markets would also mean addressing barriers in policy areas that are relevant beyond capital. These include politically sensitive areas such as insolvency and corporate laws as well as taxation of financial products.
New York means a great deal to the Bundesbank, too – and not just because a large share of Germany’s gold reserves are stored here. As the world’s foremost financial hub, New York has had, and always will have, a close bearing on developments in Germany and Europe.