For months the ECB’s nominal central rate has been maintained at 2 p.c., that means zero in real terms, and the level of market long term interest rates (the most important rates in the euro zone for the financing of investments by enterprises, households and government), which has fluctuated around 4 p.c., is lower than in the US.
Therefore, both from a supervisory and a financial stability perspective, the difficult task of implementing Basel II in Greece will be well worth the effort. Thank you for your attention. 4  BIS Review 42/2005