The economy and the population cannot afford a third year of economic stagnation and therefore, in my brief statement, I have opted not to present a passive analytical outlook but to identify the many positive characteristics that we could exploit to ensure that we break the current economic malaise. 4.
To understand how complicated this is, it is useful to compare the processes for the Basel III framework with that for OTC derivatives. Because the Basel Committee already had granular rules for bank regulation, a process was established to achieve a multilateral consensus on the next set of bank standards. For OTC derivatives, no such process existed because they had previously been largely unregulated.