Given this, I believe that there are doubts over what will happen in countries where the majority of assets consist of government bonds denominated in their own currencies, such as Japan.
Finally, in collaboration with the FSB, the Committee is assessing the need for a systemic capital surcharge to mitigate the risk that certain banks perceived as too-big-too fail could pose on the system as a whole. This is an area where contingent capital could play a future role.