Thus, we very much welcome the BCBS RCAP process, through which the Committee can monitor the implementation. The temptation to deviate from the minimum agreed standards will surface from time to time. And let me be straightforward - such risk is faced by developed and emerging economies alike.
We have observed the desire to subject regulatory framework to divergent developmental priorities - providing support to home owners or specific economic sectors, or even facilitating trading-based business models of global investment banks. We need to collectively resist such temptations. Heightened global risks are already upon us due to escalating trade wars, geopolitical tensions and high indebtedness in many economies.