For the reference value to be informative, adjustments for shifts of velocity would be necessary, and the ability to detect such shifts in "real time" is a potential problem. At this point, we assume that trend growth in V2 is zero.
This is a major step to improve banks’ resilience, but will also reduce incentives to take excessive risks across different banking operations. Basel III also tackles the too-big-to-fail problem by imposing an extra capital requirement on international, systemically important financial institutions. Liquidity requirements which previously did not exist bring additional important resilience as liquidity typically dries up when a systemic crisis starts.