First and foremost – this case reaffirms that strong regulation makes for strong banks. The failure of SVB was a shock to the financial system. And shocks are, by nature, hard to predict. We can't change that. So we need to deal with it. And to deal with it, we need strong and consistent regulatory frameworks. Frameworks that strengthen capital ratios and risk management.
Frameworks that mitigate the potential impact of vulnerabilities. We learned this from the Global Financial Crisis in 2008. And today, we can reaffirm the importance of the Basel Committee reform package. But there is a difference between designing the necessary tools to address vulnerabilities and implementing those tools.