for example, i expect fundamental structural changes in the global financial sector driven by digitalisation, both with respect to internal processes and distribution channels. digital multinational companies currently active in other sectors are already exploring their opportunities in banking. cyber - risks are on the rise. and we are only beginning to understand an entirely new set of financial risks that are driven by climate change. my point is : these and other developments don ’ t stop at borders, so that in many respects we share the same challenges. 6. shared solutions : the role of cooperation ladies and gentlemen, i started this talk by pointing out how different our economies, financial sectors and supervisory architectures are. i consider this an extremely valuable asset. we share the challenges, but we have very different perspectives on them. if we work together and bring our different perspectives to one table, we will be able to arrive at better solutions. to me, this is what the work of the financial stability institute ( fsi ) is about. by promoting 4 / 5 bis central bankers'speeches knowledge - sharing and cooperation, the fsi helps supervisors worldwide to keep pace with the ever - evolving challenges of our job. the bundesbank is also playing its part. the cooperation with other supervisors and central bankers worldwide – at the bundesbank, we call it “ technical central bank cooperation ” – is one of my areas of responsibility as executive board member. in the fall of 2015, we signed a memorandum of understanding with the arab monetary fund ( amf ) that forms the basis of our cooperation with the arab region. we conducted three seminars this year, and this work will continue in february next year. in fact, we have been working with the amf since back in 2010, exchanging knowledge, experiences and ideas on issues in the triangle of monetary policy, banking supervision, and financial stability. in many cases, professional contacts have led to reliable personal relations. it is very important to me personally that we continue and strengthen the fruitful cooperation with the amf and worldwide. ladies and gentlemen, shared challenges, different perspectives, shared solutions : to me, this is also what today ’ s conference is about. i wish you all an insightful day, and i ’ m looking forward to hearing your perspectives now. 5 / 5 bis central bankers'speeches

our work must aim to do the following : ( 1 ) make crises less likely, and ( 2 ) – given that we cannot prevent every crisis – make banks as crisisproof as possible and feasible. over the last decade, we have gone to great lengths to cast these lessons learned into an improved regulatory framework. our post - crisis reform agenda had many boxes to tick : increasing the quality and level of capital ; enhancing risk capture ; 1 / 5 bis central bankers'speeches constraining leverage and excessive concentration ; adding a macroprudential dimension to the regulatory framework ; addressing liquidity risk ; ensuring the resolvability of banks to allow them to fail without putting the entire system at risk. 3. the “ grand finale ” : basel iii the “ grand finale ” of these efforts, you could say, was the finalisation of basel iii just one week ago – despite all the prophecies of doom. large parts of the reform had already been agreed upon as early as 2010. at that point in time, the basel framework had already made a huge leap compared to its earlier versions. and some on - lookers back then probably felt that the finalisation of the reform package was imminent. but in the end, it took us about seven more years to finalise basel iii. why did it take so long? in my view, the answer is twofold. first, we had to balance multiple, intertwined goals – and we didn ’ t shun the details. there were plenty of open questions. do the new rules distort risk - taking behaviour? do they truly resolve threats – or simply shift problems? how can we level the playing field for a diverse global banking sector? and so on. all the members of the basel committee knew that if we didn ’ t genuinely address all of these questions, we would risk seeing unintended consequences sooner or later. so the finalisation package was about achieving a balanced overall set of rules. this required us to review every single rule with great thoroughness. and this is basically what we did in the past years until we arrived at the final result unveiled last week. i don ’ t intend to bore you with the details of the reform package, so let me mention just one aspect. the most hotly debated topic around the finalisation package was its effect on minimum capital requirements. the result is that, for individual financial institutions, there will be some changes in minimum capital requirements. but at the global level, the final