improvement in the sharing of know - how between frontier firms and others, in contrast to what is seen in countries such as the united states. i am convinced that the papers presented at this conference and the discussions that take place around them, and in each of the panels, will make a significant contribution to improving our understanding and communication of the spanish economy's structural problems. thank you very much. 1https : / / www. bde. es / f / webbe / ses / secciones / publicaciones / publicacionesanuales / informesanuales / 23 / files / infanual _ 2023 _ cap3 _ en. pdf 2https : / / www. bde. es / f / webbe / ses / secciones / publicaciones / publicacionesanuales / informesanuales / 23 / files / infanual _ 2023 _ cap2 _ en. pdf 3a market condition in which there is only one buyer for a product or service. 4 / 4 bis - central bankers'speeches

jaime caruana : announcement of basel ii opening remarks of mr jaime caruana, governor of the bank of spain and chairman of the basel committee on banking supervision, at the press conference announcing the publication of basel ii, bank for international settlements, basel, 26 june 2004. * * * i would like to thank president trichet for his kind words, which i will certainly share with my colleagues. on behalf of the basel committee on banking supervision, i am honoured to join him in announcing the publication of the revised framework for bank capital adequacy, a document that we have officially entitled, the “ international convergence of capital measurement and capital standards : a revised framework. ” i will not go into details about the document in my opening remarks, although of course i will be delighted to answer questions afterwards. what i would like to say is that the new framework represents a significant step towards achieving a more comprehensive and risk sensitive supervisory approach. it also represents an unparalleled opportunity for banks to improve their capital strategies and risk management systems. and finally, it provides supervisors with an opportunity to improve their ability to identify banking risks and to enhance the dialogue with the industry and among banking supervisors. this new approach can be expected to play a significant role in reinforcing the soundness of individual banks and thereby enhancing financial stability. our objective is also to ensure a consistent application across jurisdictions. as you know, many individuals inside our member agencies devoted substantial efforts to the basel ii process. we are indebted particularly to the leadership of bill mcdonough, our prior chairman and the former president of the federal reserve bank of new york, who championed this new approach to capital supervision. we appreciate as well the leadership and excellent work of daniele nouy, the former secretary general of the committee ’ s highly professional secretariat, and that of her successor, ryozo himino. given that the capital framework serves as a cornerstone to the safe and sound operation of the banking system, we sought to conduct our discussions in a highly transparent process. we engaged in extensive discussions with many interested parties on the domestic and international levels, and i would like to thank in particular two groups of external organisations and individuals who supported our efforts. first, i should mention the countless representatives of banking organisations, industry associations, and other private sector bodies who devoted time and energy to sharing their views. they offered hundreds of comment letters, as well as data to test the quality of the rules, and they engaged in exhaust