Today’s gathering is focused on insurance and pension funds, two very large segments of the financial markets. I am therefore very grateful to Dr Bernadino – whom I congratulate on his recent appointment as Chairman of CEIOPS – for the possibility to share some thoughts with you on the role of these segments in Europe’s financial system and its emerging supervisory architecture.
I shall also look forward to learning about your own deliberations at this conference and the conclusions you draw from them. Before we reflect on the future, let me say a few words about the present situation. The European Central Bank’s Vice-President, Lucas Papademos, will present our latest Financial Stability Review and our comprehensive assessment of the financial sector in the middle of December.