My remarks will deal with four broad issues – the origins of the crisis, the policy responses taken so far, the prospects for an economic recovery during the next year, and the policy challenges that remain to be addressed.
When Basel III is fully implemented in 2019, regulatory capital requirements will be significantly higher and tougher than under Basel II, and I am sure that the financial system will be more stable than before. But are higher capital and liquidity requirements enough? 2.1  Some missions almost accomplished …  Certainly not.