I am delighted to join you today and thank the conference organisers for their kind invitation to speak.
When I spoke with the conference organisers quite a few months ago, we agreed on a very broad topic for my remarks: the future of financial regulation. This was a deliberate choice, given that the regulatory landscape was in a state of flux and it was impossible to predict where we might have got to by June. In the event, we Europeans find ourselves presented with a sweeping new Directive
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