Good afternoon. It is a pleasure to be here today to discuss a topic that has become more important in a world of global financial markets—the matter of coordinating and harmonizing our national regulatory systems. On the conference agenda, the topic was phrased as a question, that is, whether we should harmonize our systems. In a sense, the question is somewhat moot—-the globalization of the markets and the breadth of international conglomerate financial institutions are forcing us in that direction. But I would quickly add that one definition of “harmony” is “a pleasing combination of elements.” We can sing compatible and pleasant-sounding notes, without singing the same note. It is in that sense that I believe harmonization of our regulatory systems will develop.