We will review our own use of credit ratings as a risk metric. And we must be sure that we are working effectively with both the private sector and other domestic and international regulators to help the system function better. The process of implementing the PWG's implementations will be challenging, in no small measure because of the continuing pressures of short-term crisis management.
BIS central bankers’ speeches  3  Let me address one final issue, and this concerns the debate in this country about Target2 balances. It is important that this debate is framed correctly – in particular, by distinguishing between symptoms and causes. Target2 is a payment system that reflects the flow of funds within the euro area.