“Where to Next? Priorities and themes for the Basel Committee” – Keynote address by Stefan Ingves
Date
12/03/2013
Since the financial crisis, the Basel Committee has accomplished a great deal. However, the Committee continues to have a very full agenda. So said Stefan Ingves, Governor of Sveriges Riksbank and Chairman of the Basel Committee on Banking Supervision (BCBS), in a speech given at a conference for central banks and supervisory authorities from central and eastern Europe organised by the Basel Committee and the Financial Stability Institute in Basel, Switzerland, on 12 March 2013.
Mr Ingves pointed out that the Committee still has work to do to complete the reforms of the regulatory framework and fully factor in all of the lessons learnt from the financial crisis. The Committee also needs to see whether it has the balance right when it comes to simplicity and risk sensitivity. That work is going to keep the Committee busy for at least the next two years. But that is far from the end of it. He emphasized that the policy work will not generate its full benefits if not implemented in a full, timely and consistent manner. So the Committee's implementation monitoring work is equally important.
And then when the new standards are implemented, effective supervisors will be needed to ensure the standards are adhered to. Mr Ingves noted that this is an area where the Basel Committee has the potential to do much more, particularly once the policy pipeline begins to slow. Mr Ingves concluded by saying the work of the Committee, although changing in nature, shows no signs of easing off.
