The benefits of regulation are greater than the costs - ECB's Lautenschläger

Highlights from Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, statements at the Credit Risk 2017 forum, Vienna, 23 March 2017

• It’s regulation that helps us to do our job. Regulation seeks to control risks as well
• We have mended them, strengthened them, and expanded them
• More than eight years after the crisis, banks need regulatory certainty
• The financial system is global and so should be the rules that govern it
• Last weekend, the G20 have confirmed their support for the work to finalize Basel III
• It would be wrong to soften the rules. This would just prepare the ground for the next crisis
• Poorly capitalised and poorly managed banks cannot support the economy during downturns
• Trust has a positive impact on funding costs for banks, and it determines how attractive a bank is for business partners who think long-term