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For example: •  their financial markets are typically more volatile than those in advanced economies, and so is their GDP growth, which at the same time is higher on average than in advanced economies;  •  these countries are also typically experiencing stronger credit growth, as their financial sectors are in the process of catch-up;  •  they usually have lower credit ratings and shallower government bond markets, which in some cases implies a lack of high quality liquid assets, a lack of adequate collateral etc. Saying that, I must stress that this difference does not apply to some; my country is a testimony to this;  •  the countries face a whole range of home-host issues, as many globally significant financial institutions operate branches or subsidiaries in those countries. These are just examples of features which could possibly interact with the Basel III framework in emerging economies in a way that was not originally intended. As I see from the topics covered by your workstream, you touch on all these aspects, so there is a chance  2  BIS central bankers’ speeches  that the paper that will emerge out of your contributions and out of the discussions you will have today will be useful for regulators in EMSEs and for the Basel Committee on Banking Supervision as well. Hopefully, today’s workshop will help you with this.