*  *  *  A considerable volume of market commentary in recent weeks has suggested that concerns about earnings prospects and the proliferating revelations of serious governance and accounting issues have contributed not only to lower equity prices but also to a decline in the foreign exchange value of the dollar.
Indeed, under the old Accord, banks could circumvent regulatory requirements by transferring risks to special off-balance entities such as Structures Investment Vehicles (SIVs) and conduits. 10. Let me revisit the interaction between micro and macro perspectives, which has become increasingly relevant in today’s market-oriented financial system.