At the same time, there has also been an improvement in the growth rate of economic activity in the non-mining sectors, even though non-mining business investment has remained subdued. This better growth of non-mining activity often gets missed given all the focus on the resources boom. While this improvement is welcome, a key question is how durable the improvement will be?
In the European context, this need is even greater, as nowadays, we often have to deal with 19 slightly different national rules applying to the same case. 2/3  BIS central bankers' speeches  Common principle-based regulation, applied to all 19 countries, would allow supervisors to cater for bank-specific risks in their national environment, thus ensuring a level playing field. So, let me conclude.