So it is, in our view, a good idea for banks to continue their current trajectory of making risk-management investments. While the regulatory capital requirements ultimately produced by Basel II would be, we believe, considerably more risk sensitive than the current capital regime, importantly this is not the only capital regulation under which U.S. institutions would operate.
And I very much expect all the members of the Committee, including the United States and Japan, to do likewise. We all need to focus our energy on the comprehensive and consistent implementation of the Basel rules and on their rigorous application. Only then will we avoid regulatory conflict and arbitrage, and be able to provide a reliable framework for international banks.