That, in turn, will improve the ability of the financial sector to serve as a source of sustainable growth for the broader economy. I am pleased to offer this revised framework to the international community. Today marks the culmination of nearly six years of challenging work. During those years, the Basel Committee sought to develop significantly more risk-sensitive capital requirements that are conceptually sound.
At the same time, the Committee wanted to be sensitive to the characteristics of markets and supervisory systems in numerous countries. For such an effort to be successful, the Committee undertook a careful review of the existing rules and of the recent advances achieved in the industry. It consulted widely and publicly with industry representatives, other public authorities, and outside observers.