It constantly provokes the question: “what more, if anything, can or should Government policy do about this to alleviate the resulting stress?” What can or should Government do? In my experience, this question is inclined to elicit a wide range of responses displaying a wide range of fundamentally different approaches to questions of ownership and debt.
It is widely realised that implementing the new Basel Accord is a huge burden on financial institutions, not only because of the complexity of the materials, but also because of the sheer size of the implementation project. The development and implementation of a consistent international compliance framework, might well be a challenge of equal size.