The introduction of this new set of rules represents a milestone in the design of a more dynamic prudential environment, combining rules and discretion, supervisory monitoring and market discipline. This does however not mean that the work is now finished. The implementation of the new requirements will necessitate considerable efforts by the financial firms, the supervisory authorities and central banks.
In order to facilitate that process the Basel Committee created an Accord Implementation Group and European supervisors decided to cooperate more closely in order to achieve a greater convergence of supervisory practices. The legal work of implementing the new requirements in EU and national legislation will also be a huge task.