Our objective now is to sustain, over the cycle, this level of pretax return on equity and double-digit earnings per share growth.
The strong flows of international capital into emerging markets reflect a number of important trends. In addition to continuing significant global economic growth, national authorities in numerous emerging market economies have improved economic policy management in recent years, which has led to greater growth, lower inflation and reductions in the ratio of public debt to GDP.
Today's uncertainties call for vigilance by the authorities in both mature and emerging market economies in pursuing sound economic policies. Investors need to recognize the costly consequences of sudden reversals in global conditions that could impact the markets.
It appears that the European Union and other Basel Committee member countries are on course to launch the new approach in 2008, while the United States will implement at least one year later.
We achieved a truly outstanding result in 2005 with record performances in both the corporate and investment banking and in the private clients and asset management business.
We reached our financial target thanks to continued revenue growth in key businesses, strict control of costs, risks, and capital, and a rigorous focus on core business lines. We have invested in growth businesses and regions during 2005 and will continue to do so.
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