high level, and we all have a stake in making sure that they do. " i remain wholly dedicated to that goal. 2 i wish you a productive and educational conference. thank you. 1 see interagency working group on treasury market surveillance, joint staff report : the u. s. treasury market on october 15, 2014 ( pdf ) ( washington : interagency working group, july 2015 ). 1 / 2 bis - central bankers'speeches 2 see jerome h. powell, " opening remarks " ( speech at the 2015 roundtable on treasury markets and debt management : evolution of treasury market and its implications, new york, ny, november 20, 2015 ). i. note : on september 26, 2024, the text of the speech was updated to reflect the delivered remarks in the video version of this speech. 2 / 2 bis - central bankers'speeches

andreas dombret : reform of the global financial system opening lecture by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the generation forum, eltville, 16 june 2011. * 1. * * introduction ladies and gentlemen, the reform of the global financial system will be in the limelight during the next two days of lectures and debates. i was asked to kick off the discussion by presenting you, in brief, the bundesbank ’ s point of view about the ongoing regulatory reform process. what has already been achieved, and what key issues still need to be tackled? 2. regulatory reform – what has been achieved? the global financial crisis has been keeping us extremely busy for some 4 years now. looking back, there is little doubt that an inadequate regulatory framework was one of the most important causes of this crisis. thus, it is imperative to learn the right lessons and minimise the likelihood of future crises by closing the regulatory loopholes and mending the weaknesses that have come to the surface. significant progress has already been made in this regard. therefore, i will restrict myself to mentioning only two key measures. firstly, the new capital and liquidity standards for the banking sector, commonly known as basel iii, were finally endorsed by the g20 at their meeting last november in seoul. capital requirements will rise considerably in terms of both quantity and quality. moreover, the firsttime introduction of global liquidity standards will bolster banks ’ liquidity cushions, thereby addressing the possibility of contagion via the money markets and excessive maturity transformation. all in all, the new rules will significantly strengthen the resilience of financial institutions. secondly, and related to basel iii, substantial progress has also been made in tackling the problem of how to deal with systemically important financial institutions, called sifis for short. as you all know, the striking feature of sifis is that their insolvency is regarded as virtually intolerable – because they are particularly large, complex or interconnected. or because they perform specific functions that cannot be readily assumed by other market participants. back at the seoul summit last year, the g20 accepted a comprehensive framework on how to address the sifi problem put forward to them by the financial stability board. work on specifying the framework ’ s individual recommendations is currently being pursued as a matter of urgency. the final framework will be spelled out in detail by the next g20 summit, which will take place