But a common framework and a set of working principles for implementation could be derived. The framework and principles could then be the bases for closer dialogue among stakeholders, including central banks, other regulators, the standard setting bodies and the private sector. Much has already been done to bring us closer to that common understanding of these things. But much remains.
The global economy plunged into the most serious crisis since the Second World War. There were even fears of a prolonged depression just like 80 years ago. Fortunately, today we do not need the comfort of Mark Twain who betimes realised, that only “Education remains when the last dollar is gone”.