more global colleges for significant cross - border firms will become active in the near future. while colleges are a sensible approach to dealing with the global nature of the financial industry, they have their limitations, especially in a global context. in contrast to eu colleges, global colleges have no legal basis, and this hampers supervisory cooperation and information - sharing. dnb currently chairs two global colleges. in these colleges we provide for several it tools to encourage as much information - sharing and cooperation as possible, provided that the confidentiality of supervisory information is assured. conclusion ladies and gentlemen, let me conclude. the crisis has reminded us all too well that a new structure for financial supervision in europe is urgently needed. in a european context, the proposals of de larosiere group are a good point of departure, though specific amendments are required. at the end of may, the european commission will present its reaction to the de larosiere group proposals. i will give our present position. to improve macro - prudential supervision, the european systemic risk council should be set up as soon as possible. open issues about its mandate and institutional design should be resolved. regarding microprudential supervision, i am in favour of more centralised european decision - making, but only if the necessary requirements for such a leap forward are fulfilled. the central issue we need to settle on is burden - sharing at the european level. in a global context, the scope of supervision should be broadened and include all financial systemically - relevant institutions. in line with the g20 declaration, the functioning of colleges of supervisors should be supported.

in such a world? first, define your purpose and stick to it obsessively. and remember that purpose, including of business, must be grounded in the objectives of clients, society and humanity. as john kay has observed, “ profit is no more the purpose of business than breathing is the purpose of living. ” second, in a world of division, fusion will bring breakthroughs. select your teams wisely and recognise that while diversity is a reality, inclusion is a choice. take it. third, while you should always marshal your facts, you must engage people ’ s intuitions and win their trust in order to convince them. do this through empathy – the antidote to righteousness. be open to dialogue and remember henry ford ’ s advice that, “ the secret of success is to see things from another person ’ s point of view. ” finally, do not confuse your leadership role with yourself or become addicted to the status and privileges of power. rather, recognise that all leadership is temporary, that you will be custodians of your institutions and keepers of their flames. and if possible, although it ’ s a bit late for me, take a cue from cincinnatus and washington, and leave before you are asked. thank you. as haidt wrote, “ people bind themselves into political teams that share moral narratives. once they accept a particular narrative, they become blind to alternative models. ” see haidt, j ( 2012 ) p. 20 see www. johnkay. com haidt, j ( 2012 ) p. 365 as quoted in barton, d all speeches are available online at www. bankofengland. co. uk / speeches references barton, d ( 2017 ) in the arena : leadership in an age of disruption bernanke, b ( 2015 ) the courage to act : a memoir of a crisis and its aftermath, w. w. norton & company. big innovation centre ( 2016 ) the purposeful company interim report buckingham, m and coffman, c ( 2016 ) first, break all the rules : what the world's greatest managers do differently : gallup press. carney, m ( 2015 ), speech at lloyd ’ s of london ‘ breaking the tragedy of the horizon – climate change and financial stability ’ carney, m ( 2016 ), roscoe lecture, liverpool john moores university ‘ the spectre of monetarism ’ carney, m ( 2017a ), remarks at thomson