The history of the 1990s, which included episodes of global financial instability spreading from small countries through international capital markets and banks, underscores the need to maintain adequate capital in the internationally active banks. For the sake of maintaining financial global stability, I hope that everyone values that goal.
On an international level, Basel II would also improve disclosure by many banks in foreign countries as well as in the United States. The proposal recommends specific disclosures to convey better an institution's capital adequacy and risk profile.