Also, I would like to quell any concerns that potential opt-in institutions may have about being viewed as having inferior risk-management systems if they decide not to adopt Basel II.
On top of that, many euro area constituencies are facing a dilemma because they do not know whether to wait for a pan-European scheme or to develop a national scheme themselves. I think that rather than starting to develop national schemes, we should go straight to a panEuropean solution for instant payments.