Furthermore, the discussion held under the initiative of the Basel Committee on Banking Supervision has led to several important international agreements, which have been taken to improve capital adequacy, supervisory framework and market discipline. The implementation of these international standards should strengthen banks’ capital worldwide and improve systemic stability. We in Europe, remain notably in favor of the multilateral approach.
We would hope that international principles elaborated in international fora will also be timely implemented by all those involved in these agreements, unless a purely bilateral approach is considered superior. 2  BIS Review 79/2007  6. To conclude, I would like to underline that effective rules and efficient principles, in my view, are both essential to promote financial integration and reinforce financial stability.