i'm okay with certain basic standards, the kinds of bassel 1 and bassel 2 standards on capital, leverage and liquidity. sort of level standards. but you don't want to reach into each country's traditions for how they -- and experience for how they regulate their businesses. that's not something that you want to do on a global scale. we want that competition, and we also want to spur innovation. we don't want every country in the world to have, you know, the identical banking systems. germany's banking system would not work for the united states. >> john harwood, and this really becomes a question of advanced economies versus less advanced economies and a lot of the countries that are fighting some of this global regulation are those that really want to grow the most. >> yes. now, i do think the most important aspect of this from a coordination point of view has to do with systemic risk, how various central banks and regulatory authorities across international lines become aware of -- given the interconnectedness of the economy, of threats to very large transnational institutions that cou