In particular, agreement was reached to place a substantive framework for BCBS capital and liquidity reform on the agenda at the meeting of Group of Central Bank Governors and Heads of Supervision (GHOS) on July 26 this year. This issue is now being actively pursued with a view to its introduction before the end of year 2012. IV.
Closing remarks  In the wake of the present financial crisis, I must admit to some misgivings as to the usefulness of what we experienced and learned in the past. For example if the central bank should pursue price stability only, then does it ensure the stability of the economic system as a whole?