The title of my speech today is “Advanced and Emerging Economies: Two-speed Recovery,” and I would like to take this opportunity to express my views on the outlook for the global economy. I will also briefly touch upon several  BIS Review 157/2010  1  challenges for Asia and Japan from the perspective of ensuring economic developments between the two. II.
In general, though, although super-equivalence has been avoided for the most part, as a matter of principle, we cannot hide behind international standards as an excuse in any future failures and we have been at pains to argue against an unduly restrictive straitjacket of “maximum harmonisation” of capital standards in Europe. We owe this to our successors.