Although more and stricter regulations may be linked to a certain cost, for instance, in the form of higher interest rate margins, studies indicate that this is more than counterbalanced in the long run by more favourable economic development. 1 I would like to point out that I am not talking about a return to the strictly regulated credit and finance markets we had before – deregulation has of course had some positive effects and meant that the economy in many ways functions better. But I think that most people will agree that the financial sector needs a tighter rein than it has had for the past fifteen, twenty years. Tighter regulations and supervision planned Reform work is already under way on an international level. The Basel III rules, which in brief entail the banks having to hold more and better capital and larger liquidity buffers, are one example of this. In the supervisory field, the EU has established a special body, the European Systemic Risk Board, which is to identify risks in the financial system as a whole and to provide warnings and recommendations to the countries and authorities concerned. Sweden of course supports and participates fully in this international reform work. But one thing we really need to ask ourselves is whether this work sufficiently takes into account the specific circumstances prevailing in each individual country. Is it really the case that “one size fits all”?
14.1.2020  Informational breakfast “The European Banking Union” Club Diálogos para la Democracia Margarita Delgado Deputy Governor  Good morning. Many thanks, Miguel, for your kind introductory words. My appreciation, too, to Unicaja and the Club Diálogos para la Democracia, in particular their chairman, Antonio Gavilanes, for inviting me to take part in today’s colloquium. As you well know, Diálogos para la Democracia was founded in 1976 as a debate forum that sought to provide ideas and solutions to the numerous problems arising in a society which, at that time, was in transition towards democracy. Evidently, societies evolve, and new problems arise which we must address. This is why this type of forum remains as necessary today as ever. Undoubtedly, since our democratic transition, one of the key landmarks has been our accession to what was then known as the European Economic Community on 1 January 1986, over 34 years ago. The importance of this landmark in shaping our society and our economy has been enormous. Despite this importance, I believe that knowledge in Spanish society of Europe’s institutions and regulatory framework is, very often, scant. This is why I greatly appreciate this opportunity to discuss a European project I consider most important, namely the Banking Union. Allow me to begin by acknowledging that this is a topic I am somewhat biased about.