That led to the question how complete the implementation could be if other jurisdictions simply cherry-picked. But then I saw two colleagues whispering and laughing – and I asked what it was about.
One of them, quite reluctantly, explained that it may be true that Basel II implementation in the US diverged from what the EU had hoped for – but that it was the EU which had been found to be materially non-compliant with the Basel III standard. The room suddenly fell silent. Finally, someone asked: will it be different this time around?