2  BIS central bankers’ speeches  First and foremost – and this is a crucial point as far as I’m concerned – all countries need to follow this path together. Players in the financial sector operate in global markets, in integrated markets, so we need to make sure our regulation takes account of any crossborder interaction and coordinate regulatory measures internationally.
This predictability is what creates the incentive for any given investor to pull out quickly if he or she sees a large number of co-investors pulling out. 8 Let me summarize by noting the areas in which I agree most closely with the authors and by adding one key qualification.