Yes, I am quite satisfied with the progress but the proof of the matter of course lies in the implementation. The far-reaching measures being developed by the Basel Committee under the presidency of Nout Wellink will result, over time, in higher capital and liquidity requirements as well as in less leverage and procyclicality in the banking system.
The proposals on these measures will be issued by year-end. The calibration will take place in 2010. Their implementation will be phased in, taking into account expectations for the improvement of financial conditions and economic recovery. But even though this comprehensive package is an achievement, it does not imply that the work is over.