Basel II, by being risk sensitive, will enable banks to bridge the gap between economic capital and regulatory capital. Through the Pillar II requirements under Basel II, banks are expected to have their own internal methodologies for assessing the risks and computing the capital requirements to support those risks even for banks adopting the standardised approach for credit risk.
Cooperation within EMU will also support an increased role of Europe and the euro in the world. I am sure that today’s discussion will be very fruitful and will bring new, good ideas to help equipping the euro area with the tools it needs to withstand headwinds and to prosper.