BIS Review 49/2003  1  U.S. proposals for Basel II Against that background, let me turn to a number of topics that some have raised about Basel II. The U.S. banking agencies have, as you know, proposed to implement Basel II somewhat differently than other nations have.
These differences are perfectly consistent with the spirit and letter of the proposal, and reflect the particular characteristics of the U.S. banking system and the rules and regulations under which it operates. While our approach is best for the United States, it is not necessarily best for other nations.