the cumulative effect of new measures has to be considered, which makes thorough impact assessments necessary. also, actions have to be sufficiently coordinated on the global level in order to maintain a level playing field and to reduce the risks stemming from a fragmented and piecemeal regulatory response. even so, policy development is proceeding to agreed – and very ambitious – timelines, thereby reducing regulatory uncertainty as far as possible. 4. conclusion ladies and gentlemen given the magnitude of the challenges that lie ahead of us, it seems fair to say that we have come a good distance already. however, there are a couple of things we have to be aware of : first of all, it is essential that the process of reform remains an international endeavour and is not hampered by unilateralist leanings. also, as we are now hopefully entering better times, there is a certain danger that some major issues on the reform agenda might fall prey to dwindling commitment and political interests. this must not be allowed to happen as only a coordinated and harmonised effort will enable us to ensure financial stability and thus pave the way for steady and sustainable global development. thank you for your attention.

of geopolitical tensions, i continue to advocate for open markets and rules - based free trade – because, at the end of the day, protectionism harms all of us. and above all, investment also requires financing – my last topic. when it comes to financing prospects, not everything revolves around the key interest rates set by the governing council of the ecb, although that impression often arises. the structure of financial markets also plays a role, since there are numerous other ways to obtain financing besides the traditional bank loan. if we push ahead with the european capital markets union, we would be ensuring firms have better access to capital in the longer term. when looking for financing, you see, firms often feel hemmed in by borders within europe. an integrated european capital market could offer these firms more financial resources for private investment, especially by reviving the securitisation market. for small and medium - sized enterprises, in particular, securitisations could be the bridge between loan - based bank financing and capital markets. 7 i am certain that we can set our country back on the road to success with this package of measures. 5 concluding remarks ladies and gentlemen, i would like to conclude with a few remarks. looking back at our history, germany has already shown resilience and the capacity for renewal in greater periods of crisis than today's. the weak growth after the 1990s gave way to the 2000s and the response to this in the context of agenda 2010 are a case in point. ten years after the reform package was announced in the bundestag, the uk weekly news magazine " the economist " published an article with the powerful headline " wunderreform ". 8 it contained the following words : " ten years later, what is the verdict? financial crises be damned, germany stands as an economic beacon, with record employment and the lowest youth unemployment in europe. some countries are studying agenda 2010 as if it were a manual. " if we all roll up our sleeves and tackle the necessary reforms with enthusiasm for innovation – the government just as much as large, medium - sized and small firms, and also employees – then i'm confident that we can successfully turn around growth this time, too. 1 galbraith, j. k. ( 1952 ), american capitalism, boston : houghton mifflin co. 6 / 7 bis - central bankers'speeches 2 symeonidis, g. ( 1996 ), innovation, firm size and market structure : sc