He should start his inquiry with an open mind and be ready to reject even the long held views if empirical studies do not support them. But to do so, a researcher should display a fair degree of maturity and necessarily cultivate within himself self-discipline, wisdom, objectivity and equanimity. In this sense, a perfect researcher is like the Buddha who is not guided by biased or prejudiced emotions. Hence, the most important requirement of a researcher is that he should be honest to himself. BIS Review 161/2008  5
Spain has followed the lead of the developed countries, and you should rest assured that CCM will meet all its commitments to depositors and other creditors. Second, the Maastricht Treaty prevents central banks from extending emergency liquidity assistance to an ailing institution, such as CCM, without the appropriate collateral. Given the amounts that might have to be committed, the Spanish Treasury had to provide explicit guarantees to the central bank, so as not to infringe the Treaty’s prohibition on central banks extending "monetary financing" to public Treasuries. *** Having explained the substance of and the reasons behind the urgent replacement of CCM’s directors, allow me to offer greater details on the Banco de España’s past supervisory measures in relation to CCM and its current situation. Before that, however, I should highlight what is a primordial starting point: CCM is a credit institution with a positive net worth. That is to say, and in the vernacular of the press, the institution has no "hole" in its balance sheet. Yet this does not mean it is not facing serious problems, the cause of which must be sought in an inappropriate management of risk and a forceful business expansion – especially in the real estate sector – funded largely through resort to the international bond markets, generating sizable imbalances. Past experience shows that these credit expansion policies are very dangerous if unaccompanied by the related risk control measures since, generally, they usually entail a relaxing of credit standards. Responsibility for these decisions falls on CCM's previous directors.