*  *  Introduction  I wish to thank Charles Dallara and the Institute for this opportunity to discuss the work of the Basel Committee and its role in reforming the regulatory framework. All of us in the financial community are now at a pivotal junction that will significantly re-shape how banks and supervisors alike conduct their business.
In my remarks this morning I would like to explain the rationale for the Basel Committee’s reform programme and describe its key elements. I will then detail for you the benefits of our programme and my expectations for finalising our work. II. Rationale for the Basel Committee’s reform programme  I will begin by discussing why we are doing what we are doing.