While regulatory responses are being put in place to address the current impasse, a degree of self-regulation is a must in building robust and efficient microfinance institutions going forward. Self regulation would require putting in place a code of conduct that would allow for a reputation-building mechanism and adherence to best governance practices.
I would point out, Senators, that we have changed the way 2/3  BIS central bankers' speeches  we present these risks, beginning with this MPR. We are now reporting on how we see various aspects of the risks developing, as well as setting out the indicators we are watching in evaluating the risks. I invite you to take a look.