Basel Committee's Praet on the future of regulation (CB): You have mentioned that there had been something of a backlash against common, global standards, for countries to take a more national approach with respect to prudential regulation. How would you stress to global leaders the importance of the Basel Committee in setting global standards?

Peter Praet (PP): Before the crisis there was a trend on the part of institutions and regulators to look at liquidity risk management in a centralised way; i.e., from the point of view o