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The gradual improvement in global economic conditions may diminish alertness against further crises, European Central Bank Executive Board member Jose Manuel Gonzalez-Paramo cautioned Friday.
"There is a serious risk that the gradual improvement of conditions in the financial markets and the banking industry may diminish the sense of urgency and necessity of implementing reforms identified as essential to prevent the occurrence of similar crises in the future," he said in Madrid.
He stated that both public authorities and the financial market participants have a collective responsibility to do whatever is needed to address weaknesses in the regulatory and supervisory framework in order to provide sounder foundations to our financial systems.
Paramo said problems in Greece do not have any influence on the region's currency and the euro is the sum of 16 countries.
Paramo told reporters that the U.S. President Barack Obama's plan to bring major reform in the U.S. banking system is too vague at the moment.
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