“We have to find out at a global level the appropriate balance between two considerations: in the long run we need capital requirements that are fully taking into account the long-term risks that exist in the financial sphere.
At the same time, today we have to cope with an exceptional crisis situation and we have to be careful not to aggravate this situation by encouraging a deleveraging process which is adverse from the stand point of the recovery.” Did the Basel Committee and the FSB terms of reference found a balance between the long-term and the short-term consideration? “Yes.