The standards also bring forth other important requirements, such as, need for addressing the business risk, need for a recovery and resolution plan, fair and open access, portability and segregation which are all critical. The new standards when compared to old standards provide additional guidance both to the regulators and the FMIs.
The results are pretty good by international standards, particularly since there should be a lot more expansion still to come. The main reason that I think we still have a lot more to come is that this has been a low-inflation expansion and remains so.