At a fundamental level, I wonder whether the crisis has engendered the most important reform of all – the development of a true credit “culture”. While necessarily a longer-term process, the existence of a sound credit culture is the sine qua non of long-term financial stability. Improved disclosure requirements for nonperforming loans, for example, will be meaningless to the BIS Review 64/1998  -5-  extent that credit standards are weak to begin with, or that there is widespread tolerance regarding the restructuring of past-due loans, motivated by an unwillingness to admit that the loans are troubled. Further enhancements to the bankruptcy and legal codes to increase the efficiency and transparency of collateral recovery are equally necessary. While supervisors have made tremendous strides to effect comprehensive, consolidated supervision globally, significant work remains to be done (and perhaps always will). The rapidly evolving international financial system, in which institutions operate to a greater degree across national borders through a variety of entities and, increasingly, in combination with securities underwriting and insurance businesses, poses continued challenges to supervisory frameworks organized primarily on a national, legal-entity, and business-specific framework. The existence of parallel, offshore, and other unregulated structures also will continue to present obstacles to the full implementation of comprehensive, consolidated supervision on a global basis. Managing these issues will require intensified coordination and information-sharing among international supervisors. Authorities need to ensure that capital adequacy guidelines keep pace with developments in internal risk measurement techniques and changes in the business of banking.

In today's environment, cultivating a lifelong learning experience is essential to personal and economic success. Lifelong learning involves more than just formal education and training. It encompasses learning throughout the life cycle, at different stages of life and in different learning environments. As individuals, attention to lifelong learning is essential to remain relevant in a highly competitive environment and to enhance our ability to function effectively and in a meaningful way as members of our community. With new knowledge comes innovation, agility and increased productivity that contributes to the overall performance and economic growth process. While it also enables us to adapt to the constantly changing environment, it also increases our capacity to cope with natural emergencies. The challenge then is to embrace the opportunities as they present themselves and to continuously develop new skills and competencies that will be needed to meet current and future demands. The opportunities for learning will be boundless. Technology has also significantly broadened the reach and means for learning, as well as increased learning efficiencies. As you step into this new and exciting world, these possibilities should be fully optimized. In concluding, allow me to offer my congratulations once again to the graduates of the class of 2006. You represent the promise of our nation's future. Indeed, nation building no longer belongs exclusively to the realm of the Government. As professionals, your advancements should not just be confined to those of immediate interest or relevance to you.