This all adds up to the fact that there are important issues to be addressed and considerable work to be done in updating and designing new tools to meet the challenges of central banking going forward.
It might be useful to the subcommittee if, in the remainder of my comments, I focus on a number of issues that have been raised. Before I do, however, I want to reiterate to the subcommittee that the process of developing the Basel II proposals has involved a truly unprecedented dialogue with banks on a wide variety of issues.