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I am grateful to my hon. Friend. There have been a number of conversations with other colleagues globally about the lessons to be learned from the financial crisis and from the regulatory structures. It is interesting to talk to people in other jurisdictions about their views. Christian Noyer, the governor of the Banque de France, said in July last year:
"Indeed, one of the main lessons of the crisis may be that those countries where central banks assume banking supervision took advantage of their ability to react quickly and flexibly to emergency situations."
Others have expressed a similar view and that is why I think that the reforms we are announcing today are in the mainstream of reforms in financial regulation-a mainstream that the Opposition seem quite happy to stay outside, yet again.
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