If information about how the supervisors are behaving is a necessary condition for ensuring that the banks are behaving properly, this Code of Transparency seems a useful initiative. The Code of Transparency is still in the process of being finalised, but in its current form it is based upon a sensible if (to some) radical framework.
Developing a common framework for risk assessment, with a common language for risk and common approaches to inspection and supervisory reviews, will be a process that forges this integration out of necessity and will involve some important early practical design questions.