I have outlined my thoughts in this area, but I would invite you, as market participants, to also formulate your own ideas for furthering the process of financial integration. The final outcome of the will be the result not only of competitive pressure or policy decisions, but very much also of cooperation between market participants and public authorities.
These are areas where future practical improvements must be made. Underwriting standards As you know, the trigger for the turbulence was subprime mortgage lending, much of which took place outside the regulated banking sector. A large part of this lending was based on weak underwriting standards.