In this regard our plans are closely aligned with the views expressed in the de Larosière Group’s report. This group’s report has been strongly appreciated by the Basel Committee. Let me now say a few words about the steps the Basel Committee has and will be undertaking to produce a more robust supervisory and regulatory framework for the banking sector.
Such a framework needs to have four key components: 1. Strong regulatory capital,  2. Robust standards for bank liquidity,  3. Enhanced risk management, governance and supervision, and  4. Better transparency  I would like to say a few words about each of these components.