In parallel, we need to focus our energy on the comprehensive and consistent implementation of the Basel rules as well as on the rigorous application of the new rules. This latter point was actually an important precondition for our approval of the agreement. 3/5  BIS central bankers' speeches  5.
Challenges ahead But I have also said that no two economies or financial sectors are alike. In that respect, Europe is different from the Arab region. Each individual European or Arab country is different from its neighbours. And each individual bank is different from its competitors. Cooperation and shared rules can only be successful if we acknowledge these differences.