Mr. Cyril Roux:

If you ask me what remains to be done, I think on supervision and regulation we have a lot unfolding. For instance the CRD IV and the BRRD and the single resolution mechanism, all of that will take the better part of a decade to unfold. We are not finished. There are wider risks in the financial system and they are being addressed through a great many regulations, such as securities financing, CSDR, SFDR and all of these regulations that will unfold. There is something quite important I think that is outside of my remit but it is very important, is the accounting part. We are still working with accounts that are based on incurred losses, not expected losses. For an insurance supervisor this is astonishing and they will have to wait until the end of the decade to move to expected losses in the accounts of banks. This is really bad. Another thing which I think is really problematic is the tax advantage which is given to debt financing, so we are just encouraging a debt finance economy instead of an equity finance economy. It is not good. So there are things that are very important.