The poet of risk regulation

Central bankers are not expected to be conversant with the works of poets. But in a banking conference held in July in Madrid, Jaime Caruana, the chairman of the Basel Committee on Banking Supervision and governor of the Bank of Spain, quoted a passage from the poet TS Eliot, in presenting the hardships confronting the supervision committee over the implementation of the new Basel Capital Accord: “What we call the beginning is often the end. And to make an end is to make a beginning.” Such l