Agreement has been reached at G20 level that the new standards will be phased in as financial conditions improve and the economic recovery firms up, with implementation envisaged by end-2012. The Basel Committee will also consider appropriate transition and grandfathering arrangements.
Given the scope of the reform, I wish to emphasise that regulators and central bankers are fully aware of the importance of a thorough assessment of its overall impact, including the interaction between different rules and the potential consequences for financial intermediation and for the real economy.