Since 1999, it has been around 3.3 percentage points, which is admittedly higher than that observed within individual euro area countries, but of the same order of magnitude as that observed in, for example, the United States (where the average difference stood at 3.2 percentage points between 1999-2004 according to the survey of the 14 Metropolitan Statistical Areas).
Under Pillar III, banks may face higher and additional disclosure requirements which will be broadened gradually with an aim to maintain tighter market discipline. We will continue to reinforce cooperation with overseas supervisory authorities and strengthen cross-border comprehensive supervision in an effort to coordinate with the global implementation of Basel II.