Rules are only as good as the supervisors who enforce them, and good supervisors look beyond the letter of the rules to their spirit. Of course, belief by the industry in the appropriateness of the measures will also aid their application. As you are well aware, you have the ultimate duty to ensure your institutions bear responsibly the risks you are taking.
The Bureau of Labor Statistics is exceptional, and in that way, I hope it serves as an example of how effective, reliable, and trusted government can be. 2  BIS central bankers’ speeches