4 If you want to embrace the micro-prudential instinct for ever more capital but need to cut spending  1  In order to achieve a tier 1 ratio of 8.5% based on year end 2011 data: http://eba.europa.eu/cebs/media/ Publications/Other%20Publications/QIS/EBA-BS-2012-xxx--Public-ISG-Report-Basel-III-Monitoring-.pdf; http://www.bis.org/press/p120920.htm. 2  “Risk Off,” Andrew G Haldane, 18 August 2011 (see page 9).
3  “Credit Creation and Social Optimality” Adair turner 29 September 2011. 4  IMF Report: World Economic Outlook October 2012: Coping with High Debt and sluggish Growth. Article by Olivier Blanchard and Daniel Leigh entitled High fiscal multipliers undermine austerity programmes.