Recent protests against the financial industry – the Occupy Wall Street movement, the “Indignados” in Spain and their counterparts in other European countries – can certainly lay claim to an eminent series of historical precursors.
The most basic step is to ensure that no matter what the stage of development is vis-à-vis Basel II implementation, we should at least ensure accurate information disclosure in accordance with the rules defined in pillar III. This would help, along with the regulators’ strong approach to this architecture, in building the confidence level of the foreign donors and the banks.