Professor Philip Lane:

We welcome that step, but it is only one step. There was a similar initiative in the United Kingdom and it can be helpful. However, I must be clear that it is no substitute for our work. In the coming months we will begin a review of the culture in the banks. More generally, our work on how we regulate and supervise the banks will not weaken or become more casual if they set up a banking standards board. It is good when the industry takes its own initiatives, but they are not a substitute for what we do.