we have a global set of regulatory standards. as standards, they are not always detailed and they are not binding, of course. so they still need to be transposed into hard law. and this is crucial ; the banking sector is global in scope, and the rules that govern it need to reflect that – at least so far as the big banks are concerned. but as i said just now, rules can only work together with supervision. how effective global rules are also depends on how supervisors apply them. supervisors must faithfully apply the rules which transpose the basel standards. to do so, they need adequate resources and they must be shielded from political interference. and there ’ s more. there is also a strong case for supervisors from around the world to exchange information, to cooperate and to coordinate. this would help to facilitate strong and effective banking supervision worldwide. we have done a lot to make banks safer and sounder, both at european and global level. the important thing is that we keep working together – within europe and around the world. thank you for your attention. 1 / 1 bis central bankers'speeches

of sepa. for consumers, i expect that they will be able to make their euro payments throughout sepa from one bank account. they will be able to use payment cards anywhere in the sepa, and they will be able to make convenient cross - border bank transfers and direct debits from anywhere in the euro area. for corporations and retailers, i expect that they will be able to simplify their european business management. they will also be able to collect direct debits and payment cards from anywhere in the euro area. the more competitive market will lower operational costs of payment cards and will at the same time ensure a more consistent acceptance of cards. for the banking community, i expect an increase in competition and cooperation across euro area borders. i also expect that market efficiency will increase, as better prices could be negotiated for the euro area and new services will be provided to increase automation. the migration towards sepa, however, also introduces some challenges. for example, the banking industry is expected to be confronted with initial investment costs in particular, which will clearly have an impact on the business of the banking industry. corporations and retailers show concerns about the evolution of prices. it is important for the success of sepa that these concerns are addressed. listening to the community, the ecb has tried to better understand the potential effects of sepa for the different stakeholders. in general, we expect that the overall impact for the banking industry will vary according to different scenarios and stages of the sepa project. in the short run, the coexistence of sepa schemes in parallel with the national schemes is, for example, expected to lead to initial investment costs and a relatively neutral impact on the revenue side for the banking industry. in the long term, when national schemes are replaced by sepa schemes, the costs for banks are expected to decrease because of potential cost savings, for example from rationalisations, economies of scale and innovations ( such as electronic invoicing ). the revenue side will also be affected as competition increases. the impact on costs and revenues will be determined by the approach chosen by the banks. banks that take a forward - looking view and opt for additional services which will automate the payment process will create new business opportunities. the changes which are required in the initial phase of the setting - up of sepa are certainly substantial, and benefits can be reaped especially by those institutions that embrace new technological developments and provide innovative services. this leads me to my last thoughts