or to be precise, whether to fix a lower threshold for capital adequacy requirements calculated with the aid of the internal model and if so, how to calibrate this threshold. the negotiations on that issue are currently on hold because the positions of the us chief 5 / 6 bis central bankers'speeches negotiators have not yet been filled. a swift resumption of negotiations would be in our common interest, especially as the ongoing regulatory uncertainty caused by the delay in finalising basel iii is undoubtedly a burden for the banks. and so i hope that the upcoming meetings in baden - baden and basel will lead to a return to the negotiation table. ladies and gentlemen one lesson of the financial crisis was that banks, especially the global systemically important ones, need more capital. the second lesson was that public bail - outs of banks should be avoided in future. and so it is completely understandable that president trump recently declared, in his executive order of 3rd february, that the prevention of taxpayer - funded bailouts is a core principle of regulation. that said, achieving this aim also makes it essential to refrain from adopting regulatory measures which would make public bail outs more likely or which would destroy the level playing field. thus, i fully agree with mario draghi, who recently said that “ the last thing we need at this point is a relaxation of regulation. ” that does not, of course, exclude us from regularly evaluating our regulation and its effectiveness and fine - tuning it if necessary. but the g20 should stick to its commitment to regulatory reforms and its clear rejection of regulatory arbitrage. carrying out deregulation in the hope of stimulating the economy could backfire. insufficiently regulated financial markets can do significant harm to economic prosperity if a crisis occurs, as the latest financial crisis has painfully demonstrated. back in 2013, the then secretary of the us treasury, jack lew, said that “ ( … ) the global financial crisis ( … ) underscored the need for strengthening financial sector regulation across the globe. in particular, the crisis highlighted the need for building much stronger and more resilient financial institutions, greater market transparency, and a high quality level playing field across borders that protects against regulatory gaps, arbitrage, and a race to the bottom. " i think this is still true. 4. conclusion ladies and gentlemen on this note, i would like to bring my speech to a close. in times of uncertainty, international cooperation is particularly important, and we are certainly

to the flow of capital, to develop a new private - public fund specialising in initial public offerings for smes, to put forward a fintech strategy to support new digital technologies in our financial system, to ensure a common approach with member states on cryptocurrencies, and to develop a green financing strategy to ensure that we can direct investment and financing to the transition to a climate - neutral economy. i very much welcome this ambitious open and clear course. the financial market agenda in particular provides us with a suitable framework for thinking strategically about the most important developments over the coming five years and the longterm way ahead. moreover, i think we should be even bolder when it comes to the three principles of integrated markets, digitisation and sustainable finance as a basis for our success. in my view, we must come up not only with a fintech strategy, but also with a bolder approach to digitisation in finance and how this will transform the economy and international trade. libra or stable coins more generally, cyber - security in algorithmic trading and elsewhere, artificial intelligence and its ethical as well as labour and financing implications, open banking and its implications, bigtechs and how they will affect competition policies and financial stability – these are only the tip of this strategic iceberg. the ideas behind green finance are still relatively new, and most banks don ’ t have them on their radar – neither the opportunities nor the risks that they entail. banks have to strengthen their management of climate - related risks substantially. but when it comes to regulation, i do not think that we should try to further sustainability through lowering risk weights – a green supporting factor would be the wrong instrument. integrated, digital, green finance can be a huge lever for achieving the goal of a sustainable economy that works for all. therefore, it is of vital importance that we, the eu27, pursue a resilient financial market strategy that rests on three principles : integration, digitalisation, and sustainability. conclusion 4 / 5 bis central bankers'speeches ladies and gentlemen, let me conclude my remarks leaving brexit and commenting a statement of the book. on page 97 it reads : “ progress to achieve greater stability has been made. ” i can confirm that suggestion. looking back the last 12 month a lot has been done. big banks are undergoing deep restructuring. small and mediums sized banks are adapting to the low interest rate environment, as our lsi - stress test revealed. public - sector banks are heading