Mr. Klaus Regling:

That financial institutions prefer light touch supervision is understandable. That is not surprising at all to me and this was also what we saw in all the other countries, in particular in the United States. The financial sector was happy with light touch regulation. So, no surprise here. What is surprising is that the policy world - the regulators, supervisors, central banks, policy-makers, and a large part of the academic world - believed for a very long time that this was the best possible approach. We saw the consequences. Let me quote Mr. Greenspan again. I think, on this occasion, it is very instructive to quote him. It was he who promoted this for a long time. He said it was a mistake.