But that was when countries were more isolated and when national policies different from international norms and standards, could still be pursued within economies shielded from international competition through excessive, protective government controls.
With regard to both the Basel II proposals and the proposed Basel I amendments, we understand the need for full transparency. For that reason, we expect to have overlapping comment periods for the Basel II NPR and the NPR for the proposed Basel I amendments. In fact, we want all interested parties to compare, contrast, and comment on the two proposals in overlapping timeframes.