In Europe, Basel III will apply to all credit institutions. Going back to the traffic analogy, all road users have to follow the highway code. The fact that another cornerstone of the reform agenda affects the large, systemically important financial institutions, or SIFIs, is therefore  1  European Commission, press release: Commission wants stronger and more responsible banks in Europe, 20 July 2011.
BIS central bankers’ speeches  1  very important. They are the heavy goods vehicles – or even the super trucks – of the banking world; their size means that any accident they are involved in can cause gridlock on the roads.