So, this is the major set of reforms that still needs to be implemented. And while speed plays a role here, substance is also important. The reforms need to be turned into actual law, and this law has to reflect what was agreed in Basel. It is important that this happens in all of the relevant financial markets.
And I fear that this might not be the case. Not least in Europe, it seems that some of the Basel standards might not be implemented faithfully. This affects important things such as the leverage ratio, the net stable funding ratio and the fundamental review of the trading book. Other parts of the rulebook have also come under pressure.