Mr. Klaus Regling:

A lot of things have happened since but that is not in our report. We now have the banking union. The supervision of systemically important banks is now done through the single supervisory mechanism, which is associated with the ECB. We have the European Systemic Risk Board, ESRB, a new institution also linked to the ECB and chaired by the President of the ECB. It has the mandate of macro-prudential supervision, something that did not exist before the crisis. It is a good example of what we learned from the crisis. However, again this is a global phenomenon. Macro-prudential issues were not on the agenda before 2008. After the crisis, countries such as the US and the UK created bodies like that. We have it in the EU area and it is chaired by the ECB President. Many things have happened since 2008 that are obviously not reflected in the report.