axel a weber : the reform of financial supervision and regulation in europe speech by professor axel a weber, president of the deutsche bundesbank, at the institute of international and european affairs, dublin, 10 march 2010. * 1. * * introduction ladies and gentlemen first of all, i would like to thank you for giving me the opportunity to speak to you here at the institute for international and european affairs. it will come as no surprise to you that the financial crisis will be the main topic of my speech. however, the onset of the crisis lies nearly two and a half years in the past, and we are now seeing more and more signs of stabilisation and recovery. therefore, i shall leave aside the current state of financial markets and shall instead try to look ahead, focusing on structural issues. in this regard, the main challenge for the years to come will be to create a more stable and more resilient financial system to prevent future crises. it is obvious, however, that such an ambitious endeavour will not happen on its own. instead, it requires strong commitment, resolute efforts and broad reforms. where to begin? 2. lessons from the financial crisis the first step in any serious reform should be to gain a clear understanding of the events that occurred and their underlying causes. even though it is a tempting thing to do, a crisis of the magnitude we have been witnessing over the past two and a half years cannot be traced back to a single cause. in fact, there could be a hundred narratives, and each would appear to explain the events in a satisfying manner. the most popular of these narratives would revolve around the following explanations for the crisis : gaps in the regulatory framework, distorted incentives inside the financial system, such as short - termist remuneration schemes, an insufficient resilience of the financial system, an institutional design of financial supervision that did not properly reflect the crossborder dimension of crises, and a lack of awareness of systemic risks. all these narratives point to a number of lessons to be learned. and it is these lessons which show us the direction for the reform of the financial system. with regard to financial regulation and supervision, the lessons of the crisis cover, broadly speaking, the following four areas : first, we have to improve regulation and supervision at the microeconomic level. second, we have to pay greater attention to systemic risk control at the macroeconomic level. third, we have to ensure an effective interplay between these two levels

daily routines. these perceptions shape our expectations for future inflation. when asked about future inflation, women place a greater focus on perceived food price inflation than men, who care more about the price developments of transportation 2 / 3 bis - central bankers'speeches and housing. 5 while central bankers - are generally aware of this " gender expectations gap ", ecb staff – in a recent blog – pointed to a need to gain a better understanding of how consumers form and update their inflation expectations. this, they concluded, would not only enhance the analysis of the macroeconomic implications of monetary policy decisions. it would also bolster the credibility of central banks, especially when accompanied by a differentiated communication strategy. 3 conclusion ladies and gentlemen, policymakers base their decisions on economic indicators. those indicators reflect specific values and perceptions. therefore, it is crucial to involve a diverse group of people. so, what is the role of hr in this regard? i see three tasks : to be aware of the benefits of diversity to convince your internal clients of those benefits of diversity and to implement your strategy of diversity in real life. let us start! 1 to be precise : " market value of all final user goods and services produced domestically during a time period ". 2 this is also the central theme of carney, mark ( 2021 ) " value ( s ) – building a better world for all public affairs ". 3 for an empiricial analysis, see d'acunto, francesco, malmendier, ulrike and weber, michael ( 2021 ) gender roles produce divergent economic expectations, proc natl acad sci u s a. 2021 may 25 ; 118 4 women are more likely to report food shopping as their main responsibility ; see flagg lee anne, sen bisakha, kilgore meredith l., locher julie l. the influence of gender, age, education and household size on meal preparation and food shopping responsibilities. public health nutr. 2014 sep ; 17 5 see di nino, virginia, kolndrekaj, aleksandra and meyler, aidan ( 2022 ) what drives inflation expectations of women and men? ecb blog ( europa. eu ) 3 / 3 bis - central bankers'speeches