Looking at the track record of corporate bonds issued, while only some of the highest rated bonds could be issued during the period from last autumn through the end of last fiscal year, bonds with lower ratings have been issued recently, indicating a substantial improvement in the issuing conditions.
Basel III has been approved, entailing extensive new rules for banks. The new capital and liquidity requirements in particular will make the banking system more stable. What is important now is to implement these new rules at global and at European level. Yet even though much has already been achieved with Basel III, a great deal remains to be done.