Their major advantage is that they can build on existing market strength and favorable economic conditions. 2  BIS central bankers’ speeches  In the long-run, emerging financial centers are likely to succeed in establishing the scale and scope in their market environment that will help them advance into the top group of global locations. The crisis may have accelerated this trend.
We naturally need to take into account the differences between the European and US banking systems and the fact that the new rules will need to be palatable to all the negotiating partners. These are, after all, global minimum standards we are talking about – no more and no less. 2/5  BIS central bankers' speeches  The pace of negotiations isn’t decisive, either.