Our biggest challenge across Europe, including here in France, is lack of growth. That is why we must focus on agreeing free trade deals, on renewing our drive in extending the Single Market, on legislating less and legislating better. And I have a responsibility to have this same focus on growth and jobs as I reflect on how to regulate financial services. Yes, I have to worry about financial stability. But we don’t want to see the stability of the morgue. That’s why we need to be careful, to think about the macro-prudential picture and not just the micro-prudential one when we regulate.

In recent years, we’ve done a lot to build a new regulatory and supervisory architecture. It’s been an unprecedented period of legislative activity. As a result, our financial system is stronger and more resilient. Our banks are better capitalised. None of this is in question.

But now, as the Chairman of the Financial Stability Board has said, many of the big reforms have been implemented. Yes, there’s still some unfinished business but I think there’s also a growing sense that we’ve reached the legislative high-water mark and that we’re now entering a new phase. As we do so, I always try to follow some simple principles.

legislate only where you have to;

always try to understand the impact that you’re having on the market and the economy; keep things proportionate; keep things simple;

keep things under review.