This, too, is an area in which bank comments would be particularly helpful. Does the new proposal maintain competitive equity around the world or provide competitive advantage to some countries relative to others? Obviously, this is a sensitive issue. All parties to the negotiations want a standard that promotes safety and soundness and deters systemic risk.
Within these boundaries, though, we also view the world from our own perspective. As countries negotiate, supervisors appropriately seek to avoid rules that would disadvantage their own banks. Hopefully, we hope that we will ultimately reach an agreement that is acceptable to us all.