financial stability and minimise the additional regulatory work as a result of harmonisation. this standard will help put credit institutions ’ capital base on a sound and sustainable footing and thus instil further confidence in the banking sector. this latter point, especially, should be of particular interest to credit institutions. but let me make one thing perfectly clear : we know full well that regulation is always a burden. and that is why institutions are also within their rights to call for a stop. 1 / 3 bis central bankers'speeches the good news isn ’ t new at all : the end is in sight. that means that the banking representatives here this evening will very soon have planning certainty for the remainder of the regulatory agenda. and the supervisors among us should also turn our attention to new developments. in the basel committee on banking supervision, we have already started looking to new vistas – amongst other initiatives, we have been evaluating the efficiency of standards and taking a look at digital risks. but let me say one more thing about basel iii : in this debate, it is important to have a clear view of the facts. the basel iii monitoring exercises and quantitative impact studies have given us a robust and granular overview. and judging by the facts we now have, i must concede that the figures thrown around in the debate surrounding basel iii and the demands which these numbers were used to justify did take me aback at times. you see, our impact studies found the increase in capital requirements to be measured, on average. the areas where requirements have risen show just how risk - sensitive the reforms are : we are seeing increases in the capital required in areas which are more at risk – equity interests, for instance. and at the same time, there are credit institutions which take on less risk, so naturally their capital requirements will be lower going forward. so in my view, everything suggests that seamless implementation of basel iii is the way forward – besides the global pledge given by bundesbank president jens weidmann, let ’ s not forget our duty to preserve financial stability. european implementation of the basel regime represents an opportunity to take factors unique to europe and germany on board. this is something for european and german legislators to decide. the european commission and the german federal government give bafin and the bundesbank an opportunity to inform their thinking, and we encourage them to stick to the standards. i am a fervent supporter of basel - compliant and risk - sensitive implementation of the reform package finalising basel iii.

joachim wuermeling : welcome speech - deutsche bundesbank reception on the occasion of euro finance week welcome speech by prof joachim wuermeling, member of the executive board of the deutsche bundesbank, at the deutsche bundesbank reception on the occasion of the euro finance week, frankfurt am main, 19 november 2019. * * * 1 introduction ladies and gentlemen, welcome to the deutsche bundesbank ’ s reception on the occasion of euro finance week. gathered here this evening are not just high - ranking representatives from germany ’ s banking industry but also stakeholders from european and german banking regulators and supervisors. frankfurt, home to so many global players in the banking world as well as the ecb and the bundesbank, sees itself as an integral part of the worldwide financial community. bearing this in mind, there are three topics i would like to cover in my welcome address this evening : first, the importance of the basel standards for us ; second, the global role of the german and continental financial centre ; and third, the competition worldwide banks are facing from tech firms. 2 importance of implementing basel iii ladies and gentlemen, the smaller the financial crisis gets in the rear - view mirror, the fainter the calls for tight regulation become. but let me make one thing quite clear : we need this basel iii framework, and we need it just as it was finalised back in late 2017. you see, we all agree that everyone stands to benefit from a set of globally agreed minimum standards designed to promote stability. and that is why i firmly believe that instead of discussing ways to undermine or weaken the standards in the eu, we need to work, at both a global and a european level, towards full implementation of the standards worldwide. i have no doubt that our guest of honour this evening – pablo hernandez de cos – sees things in exactly the same way. all the more so as the positive effects of the reform package clearly outweigh any downsides it might have. after all, basel iii is a prime example of how global collaboration and cooperation really can work – that ability is priceless, especially in an era when unilateralism is on the rise and individual countries choose to “ go it alone ”. but the basel regime offers more than just this admittedly somewhat idealistic aspect – it also has a tangible, real - world upside : with basel iii, we now have a global minimum standard that will apply across more than 100 countries worldwide – one that will bolster