With regard to the third element the uncertainties are somewhat greater, but on balance they still justify a fair degree of optimism. In short, I am confident that the euro area economy is likely to experience sustained non-inflationary growth in the future, thereby contributing to growth and economic stability on a global scale. 6  BIS Review 38/2001
For example, since good prudential supervision must always be time-varying, we should continue to adapt oversight with a view to changing conditions. And we will be working with the other banking regulators to build out the Basel III countercyclical capital buffer regime, which takes effect in the United States next year.