7 Certainly, an important lesson of the crisis is that the structure of compensation and its effect on incentives for risk-taking is a safety-andsoundness issue. In this and other areas, one of the key lessons for bankers has been the need for timely and effective internal communication about risks.
The Basel standards are drafted by experts from all around the globe. If every member state were to start designing their own regulation from scratch, I am sure that basically none of them would match the quality of the Committee’s work. And what is good for supervisors is also good for the financial system as a whole.