In many developing countries only the banks are required to comply with Basel II, and not the other financial services providers. This carries the risk of promoting regulatory arbitrage. In the context of Pakistan, it is important that the coordination of policies at the regulators’ level i.e. SECP and SBP, be pursued actively. This will be part of our deliberations with our co-regulator.
3)  For this presentation, I am going to talk about the economy of Macao before and after the crisis, then I will touch on Asia and the economy of China post crisis before moving back to introduce the way forward for Macao.