It is important and this is a lesson from the recent crisis that the competitive pressures are not  6  12  “Central banking in a balance sheet recession”, Panel remarks by Mr Jaime Caruana, General Manager of the BIS, at the Board of Governors of the Federal Reserve System 2012 conference on "Central banking: before, during and after the crisis", Washington, 23–24 March 2012.
3  For archived webinars and publications as well as announcements about future events, see the Federal Reserve Bank of Philadelphia’s webpage “Consumer Compliance Outlook.”  2  BIS central bankers’ speeches  banks. Thus, we take quite seriously the importance of evaluating the costs and benefits of new rules.