Keynote speech by Mr Stefan Ingves, Chairman, Basel Committee on Banking Supervision and Governor, Sveriges Riksbank at the High-Level Meeting for the Americas, Lima, Peru, 3-5 November 2014.

“In the four decades of the Committee’s existence, Latin America’s banks and banking regulators have witnessed their fair share of financial and macroeconomic stress. In meeting those challenges, they have provided several important policy and practical lessons for their fellow regulators and supervisors around the world. We all have learnt from them. But the Global Financial Crisis of 2008 – which is still unfolding – has provided a painful reminder that financial sector strains bear close monitoring and that no region can insulate itself from a fragile, uneven global economic recovery and the attendant downside risks. It is therefore incumbent on each of us to remain cautious and vigilant while keeping in mind our respective socioeconomic imperatives. Collectively, we still face considerable challenges on the macrofinancial front. Sound, resilient, and well regulated and supervised banks will help us deal with the unexpected. I sincerely hope that our dialogue will advance our understanding and provide some practical solutions on matters of banking regulation and supervision. Today, I want to talk about “implementation” – a term that has gained even more attention as the policy design phase draws to a close. Regulators as well as supervisors are now accountable for the outcomes produced by the raft of new rules.”