The improvements in the employment situation over recent years show the fruits of past reforms. It is essential that the reform momentum to enhance competition, productivity growth and labour market flexibility is maintained and that there are no reversals of the reform process in the countries of the euro area. We are now at your disposal for questions. BIS Review 145/2007  3
Because the Basel revisions and the EU capital directive revisions are underway in tandem with similar estimated time frames for completion, there is a good likelihood that the final products will be substantively and significantly more consistent than the current Basel and EU capital rules. The FSAP also contemplates mandating adherence to international accounting standards.