Basel II is as much about this long-term process, and the beneficial dialogue it has spurred between banks and supervisors, as it is about the more microlevel details of implementation. It provides the medium for interaction with the industry on a number of complex issues, and for thinking about how risk management and supervisory practices are likely to evolve over time.
I encourage all of us not to lose sight of this important aspect of Basel II. The impact of Basel II I would also like to address the importance of understanding the impact of Basel II on banks and markets.