First of all, I would like to thank Josef Tošovský, Chairman Ignatiev and the Central Bank of the Russian Federation for hosting this high-level meeting. Since becoming Basel Committee chairman in 2006, I have participated in as many as 10 of these events in all parts of the world. We have discussed topics such as Basel II and Basel III; the Core Principles; “back to basics” and the future of supervision; and, of course, the financial crisis and the Committee’s response. I have always been impressed by the quality of discussions and exchange of information that take place among the senior officials that participate in these meetings. These are the cornerstones of supervisory cooperation and coordination.
Since 2006, it has been a long five years – a challenging five years – and, for both good and bad reasons, a memorable five years. On the regulatory side, much has been achieved. These policy responses to the crisis must now be implemented fully, consistently and globally. This is going to require much more work. Much of this work now shifts to the supervisory side and, as I will discuss this morning, I think we are moving in the right direction. So this morning I would like to first have a look back on where we have been and what have we learned as regulators and supervisors. Then I will examine where we are today and, finally, where we are going.