Talk is Cheap - Putting Policies into Practice
Remarks of Stefan Ingves, Chairman of the Basel Committee on Banking Supervision and Governor of Sveriges Riksbank, prepared for the FSI-ASBA 6th high-level meeting: "Strengthening financial sector supervision and regulatory priorities in the Americas", San Francisco, United States, 16 November 2011.
The theme of this conference is "Strengthening financial sector supervision and regulatory priorities in the Americas". Basel III, which I believe will play an important role in strengthening supervision and regulation, has been substantially completed. The development process was a difficult one but now the real challenge begins: and that is implementation. The framework addresses the weaknesses that contributed to the global financial crisis. Full, timely, consistent and global implementation of the Basel III rules will help avert or mitigate future crises.
I would like to say a few words about some of the lessons that we - as supervisors - have learned from the crisis. This will establish a baseline understanding of what went wrong and why these lessons are relevant for all of the authorities in the room today and how these lessons have been translated into policy responses. I will then talk about the Basel Committee's plans for implementation. This includes a multi-layered peer review process, a first for international standard setters and certainly a new approach for the Committee.