The subject was subsequently updated, elaborated and improved upon comprehensively by my friend and former colleague Dr.Rakesh Mohan, when he addressed this gathering last year in Dubai. Dr. Mohan has already indicated the “Road Ahead”, which I fully endorse. Moreover, one should wait for free and frank discussion on the subject in this conference, in which distinguished persons with several perspectives are participating.
The process requirements could be drawn up in the form of a joint directive passed by all of Europe's supervisory authorities.5 The second area in which improvements need to be made for small banks is in the field of reporting and disclosure.