Together we have prepared the banking system for the new times ahead, and the FROB has played a key part in this process. Some very significant challenges remain, but we now have more mechanisms at our disposal and institutions that are better prepared to address these challenges. Thank you very much for your attention. I now give the floor to the Vice-President of the European Central Bank, Luis de Guindos. 2  J. CARMASSI, S. DOBKOWITZ, J. EVRARD, L. PARISI, A. SILVA and M. WEDOW (2018), Completing the Banking Union with a European Deposit Insurance Scheme: Who is Afraid of Cross-Subsidisation?, Occasional Paper Series 208, European Central Bank. 7/7
When I say this, you should also remember that many decision-makers are involved in the implementation process, both internationally and in Sweden. Furthermore, the Riksbank is not responsible for the main part of the new regulations – so this is not something we can decide on. On the other hand, we can and should participate in the debate. Regardless of our conclusions, it is important that we have an open and realistic discussion on the development of the Swedish economy and or possibilities to counteract potential risks before we are saddled with a new crisis. The discussions currently underway in the EU on how the costs of a crisis should be allocated show how difficult it can be to sort out problems after the fact – and this applies to an even greater extent as regards extensive cross-border banking operations. We should thus learn from this and discuss how we can avoid ending up in such a situation right from the very start. Finally, I would also like to add that there are a number of important areas that Basel III does not deal with. These include how we should handle banks that encounter problems, what approach we should take to systemically-important participants and how we should solve the challenges set by cross-border banking. These are areas that remain to be regulated and which will be keenly discussed in the future, both in Sweden and in the EU. 12  BIS central bankers’ speeches