What we need to do as supervisors is to make sure that global banks have adequate risk management capabilities, sufficient loss-absorbing capital, and are subject to intensive and coordinated supervision, so that we are able to contain the systemic risk they pose without curtailing their contribution to economic growth worldwide. We have nothing to fear from global banks which are well-managed, well-capitalised and well-supervised by home and host authorities. What we should do is prevent the emergence of badly managed, badly-disciplined banks, whatever their geographical dimension, as they can expose our financial systems to important risks. I hope that this humble contribution provides food for thought. As I said at the beginning of my intervention, I do not have all of the answers. But I do think that we can and should learn lessons from all experiences, both positive and negative. My words reflect the experience that we have had with our global banks in the last three years. But of course, past successes are not, per se, a guarantee of future success. Sophocles wrote in one of his tragedies that “we cannot call a mortal being happy until he’s passed beyond life free from pain”. Following the same principle of precaution, neither supervisors nor credit institutions should succumb to the temptation of unfounded optimism about the future. This is the reason why we will continue pushing for a very intense supervisory process for these global institutions and we will ensure that they are complying with the highest standards in any field.
We have planned an open and rolling application process for these roles and intend to name additional counterparties in the weeks ahead. Complementing this effort, the New York Fed also announced a parallel process last week whereby firms may also apply to become agency CMBS dealers to support the Desk's purchases of agency CMBS. In closing, let me finish where I started. In this time of pain and hardship, we have choices to make in how we respond, and the opportunity before us is to create generational opportunities for a broad and inclusive set of businesses to help advance an equitable recovery. I look forward to partnering with you on this work for years to come. 1 1 Rajashri Chakrabarti and William Nober, “Distribution of COVID-19 Incidence by Geography, Race, and  Income,” Federal Reserve Bank of New York Liberty Street Economics, June 15, 2020. 2 2 Rajashri Chakrabarti, William Nober, and Maxim Pinkovskiy, “ Are Financially Distressed Areas More Affected  by COVID-19?,” Federal Reserve Bank of New York Liberty Street Economics, August 17, 2020. 3 3 Daleep Singh, “The Fed’s Emergency Facilities: Usage, Impact, and Early Lessons,” remarks at Hudson  Valley Pattern for Progress, July 8, 2020. 4 4 Jerome H. Powell, “Coronavirus and CARES Act,” testimony before the Committee on Financial Services, U.S.  House of Representatives, Washington, D.C., June 30, 2020. 4/4  BIS central bankers' speeches