The article “The New Basel Capital Account: Making It Effective With Stronger Market Discipline” by Profs Harald Benink of Erasmus University and Clas Wihlborg of Copenhagen Business School, forthcoming in EUROPEAN FINANCIAL MANAGEMENT, March 2002 was the subject of an article on how to regulate banks in the future. The Economist stressed that the “new international regime for regulating banks ought to give bigger role to the market discipline through subordinated debt” as suggested by Harald Benink and Clas Wihlborg in their EFM article.