Particularly in light of the dangers to multilateralism, we need to be committed advocates of global standard-setting – in our own interests and for the common good – including in the way we put these standards into practice. I’ll be the first to concede that for some institutions, these reforms will put more work on their plates.
Just take the output floor, which is having a clear impact on a number of larger institutions running riskier business models. That said, the necessary adjustments are doable, and they’re warranted, too, in light of these institutions’ risk profiles.