In the spirit of building trust and agility during normal times, we have worked hard to strengthen coordination arrangements with our regional counterparts and key domestic authorities. To name a few, this has included the development of crisis management protocols that are outlined in the Strategic Alliance Agreement with PIDM, the Operational Framework for Financial Crisis Management and Resolution with the Securities Commission, and the Executives’ Meeting of Asia-Pacific Central Banks (EMEAP) Crisis Management and Resolution Framework involving 11 jurisdictions. Numerous refinements have been introduced, and several crisis simulations were conducted. All in response to anticipated changes in the financial and regulatory landscape, and to continuously elevate our level of operational preparedness. We remain committed to building strong relationships based on mutual trust that will serve us well through the uncertainties that invariably accompany any crises. And we continue to work on ensuring that these arrangements are credible when disaster strikes. For us, it is as important to encourage open and honest communications with our counterparts, as it is to have formal arrangements for information exchange. We cooperate with each other in conducting joint surveillance and capacity building initiatives. Through these collaborations, we gradually build respect, trust and goodwill, the kind that no framework can hope to manufacture. Let me now conclude. In no trivial part due to my mentors, predecessors and colleagues, past crises that affected Malaysia were well-managed, leading to speedy recovery with minimal losses to taxpayers, and the equally important structural transformations that followed. Clear statutory remits. Independent policy making.
Jaime Caruana: Reflections on financial information from the standpoint of a banking supervisor Speech by Mr Jaime Caruana, Governor of the Bank of Spain, at the 13th XBRL International Conference, Madrid, 16 May 2006. *  *  *  Introduction Good afternoon. I would like to begin by thanking the organisers of this 13th XBRL International Conference for their kind invitation to participate. I am delighted to have this opportunity to close today’s session by sharing with you some reflections on financial information from the standpoint of a banking supervisor. And it is, of course, a special pleasure for me to be able to address this audience in my home country. I guess that, looking from the outside, it might seem somewhat strange that banking supervisors and other regulators are taking such an active interest in a computer language. But I think that all of us here are very well aware of the role that tools such as XBRL can play in promoting the effective and efficient flow of financial information, and it is on this wider objective that I want to focus my intervention today. I will begin with a brief introduction to recall the important role that information plays in financial markets from a macroeconomic perspective.