This is because, if we cannot properly deal with a global shift in the monetary policy stance, the possibility cannot be ruled out of our facing a local crisis. Such attention is in fact related to the policy tasks I mentioned earlier as goals that should be taken up by central banks.
U.S. supervision of these banks already includes substantial Pillar 2 elements, and of course, these banks operate almost totally within the United States. The arguments that banks other than core banks, and especially the small and medium-sized banks, ought to be free to choose between Basel II and their current regulatory requirements seemed overwhelmingly convincing to us.