We should not wait until the aftermath of the next crisis to come up with ways of responding to these challenges. I do not believe, however, that regulators and supervisors are all-knowing and all-powerful. The bankers are just as responsible as the supervisors and regulators. I am well aware that the number of “bad apples” among bankers is very small.
BIS central bankers’ speeches  1  So why has the Caribbean region been grappling with implementation of the Basel Accord? Perhaps the answer, in my respectful view, is that the Basel framework was never really designed with developing countries in mind, and implementation of any version in developing countries is likely to be fraught with difficulties.