In the related Press Release of 29 April 2005, BCBS Chairman Caruana said: “Compliance has emerged as a distinct branch of risk management within the banking system 2 .” So it is fully appropriate and timely to address this important topic in this Conference’s broader context of sound risk management in banks.
This is why we are witnessing, in parallel to the establishment of Monetary Union, a move towards deeper political integration. Over the past decade, the political and constitutional edifice of the Union has resembled an almost perennial construction site.