Spain's Caruana on int. market discipline

In a keynote speech at the Conference "Market Discipline: The Evidence across Countries and Industries" given on 1 November, Jaime Caruana of the Bank of Spain said although banks and supervisors have much to do in the years ahead, we are confident that the development of an incentives-based capital framework, accompanied by more consistent and focused supervisory review and a concurrent enhancement of market discipline, will improve the management of risk across the industry.

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