After all, how much attention does Scotland pay to its balance of regional payments within the United Kingdom? Largely unnoticed against a background of huge international flows in the rest of the world, the intra-euro area flows were large.
So it will not surprise you that I am even more convinced that we need a quick and faithful implementation of the final Basel III standards, with minimal and restricted transitional arrangements or exceptions. In Europe, we have implemented the Basel standards more consistently across banks of all sizes.