In other words, I am convinced that with more flexible labour markets, fewer restrictions and lower taxes on labour, many people would decide to work more than at present. And indeed, this would be one important response to the mounting problems related to the ageing of the European population.
Such transitional approaches indicate our willingness to approach the implementation of Basel II pragmatically. The upcoming ANPR will lay out these issues in more detail, from the perspective of the United States, but we will also have to incorporate the parallel work of the AIG.