I would like to endorse the remarks I recently heard Bill McDonough make that bank supervisors will have to be extremely careful not to inadvertently encourage banks to  BIS Review 87/1998  -2-  become even more risk averse than they currently are.
This will require great sensitivity on the part of supervisors, and I am sure you will all rise to the challenge. The second big challenge to all of us involved in international finance is to devise a better system for the long run.