In a keynote speech delivered at the European Systemic Risk Board conference last month, Claudia Buch, Chair of the Supervisory Board of the European Central Bank (ECB), discussed the challenges of supervising banks amid growing geopolitical instability.
"Heightened geopolitical risk is unlikely to dissipate over the nearer-term horizon," Buch said. "We need to prepare for a prolonged period of sustained geopolitical tensions, marked by high uncertainty and increased volatility." At the same time, memories of previous financial crises and their impact are fading, she lamented. And, further complicating matters, there is increased scrutiny of regulatory frameworks, which some see as obstacles to competitiveness.
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