I have tried to be open and candid about the tradeoffs that I believe are involved, some of which are clearly inherent in the nature of the Basel II effort itself. We will surely not be able to please everybody in our attempt to strike the right balance between flexibility and comparability or between complexity and risk sensitivity.
Of course, as supervisors we are not expecting that the banking industry is going to stand up and applaud what remains, after all, a "regulatory requirement."