In this respect, recently launched initiatives and measures that are being taken, both by policy-makers and by the financial industry, aimed at restoring confidence and addressing the weaknesses that have been revealed by the market turmoil should contribute to strengthening the resilience of the financial system.
I would like to stress particularly the importance of the new Basel II Capital Accord, which is to be fully implemented by January 2008. Indeed, the new accord strongly relies on significantly improved risk management in determining the appropriate level of capital buffers for banks.