Over the intermediate term, we need to move more rapidly toward reform of the Basle capital standards, with a particular emphasis of dealing more effectively with the credit risk in the banking portfolio.
G-SIBs, on the other hand, have more complex activities, are more interconnected, and pose a far greater risk to financial stability should they fail. Yet at the moment, many aspects of our regulatory regime treat any bank with more than $ billion in assets with the same stringency as a G-SIB. I believe there should be a clear differentiation.