And the result – a global standard whose local application can be scaled in proportion to local risks and financial market realities – demonstrates our ability to work effectively within the constraints imposed by using national structures to supervise global institutions. Future work of the Basel Committee Given the developments that I’ve just cited, where do we go from here?
1 I believe that this impression has more to do with the specificities of the institutional setting of Europe than with a lack of awareness and initiative from individual European policy makers. To be sure, today I will mainly take a European perspective on China.