At a similar event last year, I was challenged to speak about the Basel II Accord or the New Capital Accord as it is referred to by many of you. I vaguely recall the levels of boredom which showed on the faces of most of those who were present that evening, which is something I do not wish to see repeated tonight.
When developing minimum capital requirements, supervisors should continue to promote approaches that both minimize the negative consequences of risk taking by financial institutions and encourage improved risk-management practices, particularly at those institutions that could affect global financial stability.