In particular, it has been observed that there are reasons to expect a relatively smooth balance sheet adjustment by the banking system and therefore a less pronounced macroeconomic impact.
First, the impact of the new liquidity rules may be significantly mitigated by adjustments to both the composition and the maturity of the balance sheet: for instance, lengthening the maturity of the liabilities to better match that of the assets would likely result in lower riskiness overall and thus lower funding costs.