The latest Financial Stability Report published last week sets out the Financial Policy Committee’s approach to establishing standards for the resilience of the delivery of vital financial services to cyber incidents. 21  And, tomorrow, the PRA, the Bank in its capacity of supervising financial market infrastructures, and the FCA will be publishing a discussion paper on operational resilience. Dynamic adjustments  As set out earlier, the reforms that were agreed following the crisis were remarkable in scope. They have delivered a much more financially resilient system, both in the United Kingdom and globally. 20  See a speech by Lyndon Nelson, ‘Resilience and continuity in an interconnected and changing world’, 13 June 2018, https://www.bankofengland.co.uk/-/media/boe/files/speech/2018/resilience-and-continuity-in-an-interconnected-and-changing-worldspeech-by-lyndon-nelson.pdf?la=en&hash=3DFD465DE00C545FA39255384DD660AF7B0C8A9F. 21 See Box 1, p.40 of https://www.bankofengland.co.uk/-/media/boe/files/financial-stability-report/2018/june2018.pdf?la=en&hash=9D057C7302B80EF57D634020F50C6F46D782904C. 8  All speeches are available online at www.bankofengland.co.uk/speeches  8  Furthermore, some of the reforms were put in place quickly. They were also developed concurrently. Therefore it would be flabbergasting if the reforms did not have some unintended consequences. Unintended consequences might arise from the way regulations interact with each other. Because reforms were developed at the same time, some interactions may not have been identified as policies were negotiated. I referred to one type of unintended consequence already. Banks will seek ways to lower regulatory requirements even in ways that do not actually reduce the risks they face (‘regulatory arbitrage’). Plus, the financial system will evolve over time.
So I don’t find the argument convincing that we have to keep up the pressure. It is also not our task. It would not be democratic for a central bank to dictate to elected governments what they have to do. BILD: Mr Draghi, in your first interview with BILD four years ago, we spoke a lot about Greece. The country has still not got back on its feet, even though it has received hundreds of billions in emergency loans. When will the madness end? Draghi: Clearly, last year was an economic setback for Greece. Now everyone is aware that there can be no growth without reforms. And what the country and its people need above all is growth. Greece has implemented many reforms in the past few months and is committed to the path of reform. BILD: Is the euro a part of the solution for Greece, or a part of the problem? Draghi: Greece’s challenges have little to do with the euro. It would have to implement reforms in any case. In the euro area, Greece can do that with the support of its partners. But one thing must be clear: who belongs in the euro area and who does not is not for the ECB to decide. That is a matter for the Member States. BILD: They are now more fractious than ever. Is that the biggest danger for Europe? 2  BIS central bankers’ speeches  Draghi: We are experiencing several crises which are all interconnected and reinforce each other.