We are pleased that the four federal banking agencies have reached consensus to move ahead with the process for Basel II implementation. We recognize the significance of this development to the industry, the Congress, and others who have waited for greater specificity about U.S. efforts to implement Basel II. It has taken quite a bit of work to reach this point.
I say “normally” because we are not in normal times. Fiscal imbalances and weak sovereign balance sheets have prevented  BIS central bankers’ speeches  7  fiscal policies from cushioning the large and protracted financial and economic shocks of the past five years. The lesson from this is clear.