International harmonisation and co-operation are very important in what is rapidly becoming a “borderless” global financial system. Also, it is important that the risks that supervisors should take into account in their supervision are identified, and that benchmarks are established whereby countries can measure their progress in establishing appropriate supervisory regimes.
As supervisors, we can derive a great deal of benefit from such an approach. Bank customers and banks themselves also benefit from the international comparability made possible by the use of common measurement and disclosure frameworks. Nevertheless, I believe it is important not to assume that supervisory arrangements should be, or can be, the same in every country.