In our country, employment touches on basic issues such as the acceptance of more responsibility by the individual, the willingness to be more flexible, the reduction of individual demands on the state and society. BIS Review 2/1998  -5-  That brings me, finally, to the third E: EMU.
By increasing the quantity and quality of capital that banking firms must hold and by strengthening liquidity requirements, Basel III aims to constrain bank risk-taking, reduce the incidence and severity of future financial crises, and produce a more resilient financial system. The key elements of this framework are due to be finalized by the end of this year.