González-Páramo highlighted that in order for the new regulatory regime to be effective, a coherent and consistent implementation of the reforms at a global level is of paramount importance. Only then can regulatory arbitrage be prevented and a level playing field ensured.
He also said that at the European level the three European Supervisory Authorities have an important task in ensuring a consistent implementation of the regulations.
He concluded by saying that the financial crisis and its aftermath have been one of the most disruptive events in decades, causing massive economic and social costs. Tensions originating from a relatively small segment of the international financial market evolved into a global crisis, revealing deficiencies in the regulatory framework which must be addressed. In the aftermath of the crisis, industrialised and developing nations pledged to adopt a common approach to reinforce the resilience of the financial system and ensure its sustainable contribution to growth.
Full speech
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