Looking back, when I addressed this forum exactly one year ago, the economies of Japan and the world were in the midst of a panicked contraction of economic activity associated with the occurrence of a global financial crisis.
We anticipate that the European Commission will keep us informed of member states’ progress in this regard during the Dialogue and also will alert us to the existence of and procedures for addressing any disparities in member states’ approaches. We fully expect that U.S. banking organizations will be found to meet the supervision standard of the directive.