Mr Enria focused his remarks on the following two key areas:

• The first one concerns the consistency in the implementation of global reforms and of the single rulebook in the European Union. He is convinced that there is a need to target the maximum possible level of consistency at the global level, with effective peer review processes to ensure that the commonly-agreed standards are effectively applied in all jurisdictions.

• The second area relates to the effectiveness and fairness of the new regulatory framework. He believes that the tightening of bank regulation needs to proceed hand in hand with decisive action in three areas: (i) restoring a level playing field with players performing de facto banking functions outside the regulatory umbrella - the so-called shadow banking sector; (ii) ensuring stronger prudential supervision, with proper benchmarks for convergence to best practices; and (iii) making the orderly exit from the market a viable option for crisis management and resolution, also for large and complex cross-border groups.

Full speech