, data, and analysis underlying the proposed reforms. of course, this process must also incorporate the opportunity to solicit meaningful public comment. it is absolutely imperative that stakeholders - including bankers - share their views with policymakers on regulatory reform proposals. all of the comments, data, and analysis enable policymakers to make informed decisions throughout the rulemaking and proposal process. information about the intended and unintended impacts of these initiatives is especially informative. if the fed and other banking agencies have not provided sufficient context, data, and analysis to satisfy stakeholder questions or concerns, commenters should provide that perspective as well. as you know, there are a number of regulatory rulemakings under consideration by the board and the other bank regulatory agencies. some have already been published for comment including the proposal to implement basel iii " endgame " by significantly expanding capital requirements and bringing the threshold for compliance down to include all banks over $ 100 billion in assets from only the largest gsib banks, and the expansion of the long - term debt requirement from only the largest banks again to all 2 / 3 bis - central bankers'speeches banks over $ 100 billion in assets. still other proposals have not yet been published or moved to the next stage of the rulemaking process, including the community reinvestment act rulemaking, the further consideration of climate guidance, and others. the board has also publicly indicated it may propose additional revisions in the future to regulation ii. i recognize that in some instances, multiple, interrelated proposals out for comment at the same time may complicate or even frustrate the ability to provide meaningful comment. even so, i strongly encourage your participation to inform the rulemaking process. this audience is uniquely positioned to provide real - world feedback about the intended and unintended consequences of agency rulemakings. i look forward to all of the stakeholder comments and feedback throughout the current and upcoming regulatory rulemaking processes. i look forward to our conversation. 1 the views expressed here are my own and not necessarily those of my colleagues on the federal open market committee or the board of governors. 3 / 3 bis - central bankers'speeches

jean - claude trichet : enhancing the eu regulatory and supervisory framework – the eurosystem ’ s perspective speech by mr jean - claude trichet, president of the european central bank, at the 2007 eurofi conference “ achieving the integration of european financial markets in a global context ”, european parliament, brussels, 3 december 2007. * * * ladies and gentlemen, it is a great pleasure for me to introduce the discussion on the eu regulatory and supervisory framework at this year ’ s eurofi conference. the issue is particularly topical at the present juncture for two reasons. first, a wide range of eu institutions and fora are contributing to the first full review of the functioning of the lamfalussy approach across financial sectors in view of a discussion on the matter by the ecofin council. second, the recent financial market turbulence has underscored, among other things, the importance of effective cross - border cooperation and information - sharing among the competent authorities. the eurosystem which has strongly supported the lamfalussy approach from its inception and has actively contributed to its development during the past years also intends to contribute to the review process. it will publish its formal assessment – focusing on the banking sector – within the coming days and therefore i would like to take today the opportunity to share with you a number of issues which i judge important. basic premises underlying the eurosystem ’ s assessment let me start with the two basic premises underlying the eurosystem ’ s assessment. the first premise relates to the main challenges for the eu regulatory and supervisory framework, namely the need to promote further progress in the single market and, at the same time, safeguard financial stability in an increasingly interdependent financial system at eu and international level. the eurosystem is convinced that the eu framework will effectively meet these challenges only if divergences in supervisory requirements and practices are reduced to a minimum. at the same time, there is a need to ensure effective and timely informationsharing and cooperation among the competent authorities. while in recent years we have undoubtedly seen very good progress in these areas, it is also clear that the level of crossborder cooperation and convergence attained is not yet sufficient. moreover, structural developments – notably the increasing prominence of cross - border activities and institutions in the eu banking markets and the growing level of functional integration of cross - border groups – highlight that there is no room for complacency, and that further progress in crossborder convergence and cooperation is of the essence.