Turning to fiscal policy, the 1999 general government deficit ratio was 1.6%, well below the 3% reference value. By contrast, the debt ratio was 104.4%, ie far above the 60% reference value.
The combination of the systemic importance of UK CCPs and the loss of supervisory control and powers of intervention on the part of the EU calls for the supervisory and regulatory framework for third-country CCPs to be revised.