Successfully dealing  BIS Review 43/2006  3  with these challenges requires that the banking agencies, the industry, and other stakeholders maintain a frank and ongoing exchange of views and remain flexible and open-minded as we tackle difficult issues.
In this spirit, I urge the industry and other interested parties to comment thoroughly on the Basel II Notice of Proposed Rulemaking (NPR), proposed supervisory guidance that will come out in the near future, and the upcoming proposed changes to Basel I that would apply to the vast majority of banks not subject to Basel II.