Sharon Donnery: If time stood still: regulatory modernisation and financial stability
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Sharon Donnery (Supervisory Board) at the IIF colloquium on regulatory modernisation. She supports the FSB principles under consultation and argues for changing the rules to keep them effective and remove complexity, but with each change justified by its effect on resilience.
Key points
- She backs the FSB consultation report on principles for regulatory and supervisory modernisation (14 October) and encourages responses
- Keeping everything unchanged for ten years would not be justifiable, but change is not the same as progress
- Modernisation must keep safeguards (capital, liquidity, governance) effective and remove unnecessary complexity
Who is affected
Banks and regulators; participants in the FSB consultation
Deadlines
FSB consultation open
Plain-language version
Sharon Donnery, a member of the ECB board that supervises banks (the ECB is the euro area's central bank), backs reviewing banking rules to remove needless complexity. But she warns that keeping everything the same is not justified, yet change is not automatically progress. Every change must be judged by how it affects bank strength, because capital and liquidity are what protect customers when things go wrong.
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