he was instrumental in laying the foundations for the committee ’ s subsequent achievements. indeed, his contribution is best highlighted by the fact that, for many years, people did not refer to the basel committee, but to the “ cooke committee ” and the “ cooke ratio ” – although i know peter is the first to acknowledge that the credit for the accord is shared by many. peter – we are very pleased that you and your wife julia can be with us today. • let me also acknowledge a number of peter ’ s colleagues on the committee through the critical period of 1986 – 88 when the accord was settled. i am delighted that you were all able to join us today. • finally, i would especially like to welcome paul volcker to the symposium. paul was instrumental within the g10 governors in pushing for an international benchmark on bank capital. in particular, together with robin leigh - pemberton of the bank of england, he was critical in forging the agreement that produced the world ’ s first international standard for bank capital. paul – i don ’ t think it is too much to say that a great deal of today ’ s global financial regulation was founded on your original vision. bis central bankers ’ speeches as a scene - setter for this morning ’ s discussions, i would offer some thoughts on the key influences on the evolution of the committee to date. the basel committee and its activities have changed almost beyond recognition since its establishment in 1974, or even since 1988 when the first accord was agreed. i doubt whether the founding governors really foresaw what the committee would eventually become : not just an international standard setter, but also one that now conducts peer reviews of members ’ compliance with their agreements. indeed, if they had, i suspect that a few of them might have been against the committee ’ s establishment in the first place! but times change, the financial sector has evolved, and the committee has moved with the times. among the many factors that have influenced the work of the committee over the years, i thought i would identify five that have shaped what the committee is today and will continue to guide its activities in the future. the first and most obvious is the evolution from a coordinating and information - sharing group to one that has become a standard setter. although the 1975 concordat was the committee ’ s first substantive agreement, and its first public document, it was not a standard per se : rather, it was a sensible agreement on how supervisory responsibilities could be divided for banks

stefan ingves : the evolution of the basel committee welcome and keynote address by mr stefan ingves, governor of the sveriges riksbank and chairman of the basel committee on banking supervision, at a symposium to mark 25 years of the basel capital accord “ 25 years of international financial regulation : challenges and opportunities ”, basel, 26 september 2013. * * * good morning everyone. on behalf of the basel committee, i would like to welcome you to today ’ s symposium, which the committee is hosting to mark 25 years since the first basel accord on bank capital was established. and let me at the same time also acknowledge jaime caruana and the bis, not only for hosting this event, but also for their unwavering support of the committee over the past almost 40 years. as many of you know, the basel committee started out in 1974 as the basel committee on banking regulations and supervisory practices. in the aftermath of the herstatt collapse, the g10 governors of the day were seeking ways to preserve and promote the stability of the international financial system. it is worth reflecting during the morning, as we discuss the committee ’ s achievements to date, that the basic problems we encounter today – poorly run institutions, interconnectedness and financial instability – are the same as those faced by the committee when it was founded. this is not to imply that nothing has been achieved : on the contrary, a great deal has been done and the world has benefited greatly. but, despite our efforts, banks regularly lose money in the same old way : while pursuing profits, growth and market share without adequate heed to risk. unfortunately, they often find clever new ways of doing this, so that it isn ’ t always easy to see how the same old habits will be repeated. while today ’ s committee members are, i ’ m sure, looking for some respite from the ambitious work programme of post - crisis reforms, we also need to recognise that nobody can guarantee a crisis - free future. therefore, we must remain vigilant against old risks reemerging in new shapes and forms. i will speak shortly about some of the key influences that have shaped the evolution of the basel committee over the years. before i start, however, i would like to warmly welcome a number of special guests today : • first let me welcome peter cooke. having headed the committee for more than a decade, peter has been our longest - serving chair – and, probably more than any other person,