In the longer term, like the federal government, state governments must respond to the aging of the population and the seemingly inexorable rise in health-care costs. These are daunting challenges indeed, but I believe we can find constructive ways to meet them, and I suspect that many of these solutions will be found at the state level.
As discussions on the nature and extent of European integration continue to unfold in the coming months, the taskforce report may be helpful in providing guidance on the potential role of SBBS in the broader design of the European monetary and financial architecture. 3/4  BIS central bankers' speeches  Diversity Let me turn to my third topic: diversity in the financial services industry.