This entire conference and the dinner reception just ahead of us provide an excellent opportunity for learning from each other, and to discuss, for example, experiences, successes, failures, and forces behind changes in the overall efficiency of retail payments, in particular the role of central banks and the future evolution of the retail payments market.
As a result, Basel II will be better able than the current system to adapt over time to innovations in banking and markets. In addition, Basel II sets standards for the measurement and management of risk and for related disclosures that will give banks ongoing incentives to improve their practices in these areas.