I J Macfarlane: Medium-term developments in the Australian economy  Speech by Mr I J Macfarlane, Governor of the Reserve Bank of Australia, to Australian Business in Europe, in London, on 26 May 2000. *  *  *  It is a great pleasure to be in London again speaking under the auspices of Australian Business in Europe.
However, this is all the more reason for banks to focus on qualitative requirements depending on the regulatory approach they intend to follow. In the past one decade, the awareness of operational risk has improved and resultantly the principles for sound management of operational risk have emerged. Banks need to incorporate these internationally agreed principles while implementing any operational risk management framework.