And this is why the Bundesbank has been proposing, for some time already, that the terms of government bonds should provide for an automatic maturity extension for said bonds as soon as a government applies for assistance loans. This has two key benefits.
To push this idea further, I would define the term “global” in at least three dimensions and argue that regulation should be consistent in all of them. First, regulation needs to be consistent across jurisdictions. This is necessary to provide a level playing field and reduce the scope for regulatory arbitrage.