As the CRD IV is advancing towards finalisation, I would mention that the ECB strongly supports the establishment of a single European rulebook for financial institutions – mitigating regulatory arbitrage and competitive distortions – which at the same time allows for flexibility at national level by Member States to apply more stringent prudential requirements where systemic risks arise.
Instead, despite the warnings of the official sector concerning LIBOR, use of USD LIBOR has actually increased in the intervening years. As a result, the ARRC now estimates that there are currently almost $ trillion in financial contracts based on USD LIBOR.