, it is important that central bankers, who are in charge of a public good – in this case, stable money – bolster public confidence by explaining their policies. the best protection against temptation in monetary policy is an enlightened and stability - oriented society. 5. conclusion i will end my overview of goethe, faust and paper money here. you have probably noticed that the building we are in reflects, in many respects, the connection between frankfurt, goethe, money and faust, in particular the sculptures and paintings. this type of architectural art was primarily the idea and initiative of professor huttl. on that note, i would like to turn over to the other speakers, who will speak about the topic of today ’ s colloquium in more detail. i am sure that the combination of goethe and money will have many additional interesting insights in store for you this afternoon. thank you for your attention, and i hope you will find the event both enjoyable and stimulating. bis central bankers ’ speeches

this will make global banks more resilient, and it will allow for their orderly restructuring or resolution. work on tlac is making good progress, and i am quite optimistic that we can finalise the requirements by the end of 2015. one question we might discuss in this panel is whether tlac can be extended to non - banks. please allow me to make one general remark : strengthening loss absorbing capacity to facilitate restructuring or resolution processes is, of course, generally useful for all financial institutions. however, regulatory requirements tailored specifically to banks cannot, and should not, be superimposed on other financial market participants, since business models, risk profiles and resolution procedures are fundamentally different. and we must not forget that these regulatory bis central bankers ’ speeches requirements have not yet been implemented for banks, let alone other players. this means that, even for banks, we have no practical experience yet. ladies and gentlemen, in my view, there is no one - size - fits - all solution for non - banks. as a case in point, insurers differ fundamentally from financial market infrastructures or from pension funds. nevertheless, those specific policy instruments to strengthen non - banks ’ loss - absorbing capacity that even exist are still in their infancy. for central counterparties, for instance, they will probably be discussed in the framework of the upcoming eu regulation for restructuring and resolution of central counterparties. 3. an everlasting challenge : regulating the shadows when entertaining the idea of extending tlac to non - banks, we have to bear one important aspect in mind : this extension will only reach those non - banks that are already regulated today such as insurance companies, for instance. and, more generally, tightening regulation might set off a trend to relocate activities to the unregulated non - banks also known as the “ shadow ” banking sector. this is something regulators have to watch closely. without a doubt, shadow banks can become a source of systemic risk, especially when they are highly interconnected with the regular financial system. it is therefore of utmost importance to monitor shadow banks ’ activities and try to regulate them adequately. at their 2014 brisbane summit, the g20 agreed on a new roadmap for regulating the shadow banking sector. work is being conducted simultaneously by the fsb, the basel committee and iosco. but the ambitious reform agenda is far from being completed. in my view, a key task on the way towards transforming shadow banking into resilient market - based financing is