The timing of some of these announcements is certainly debatable – and, in my opinion,  4  BIS central bankers’ speeches  often questionable. However, this should not divert our attention from the responsibilities of fiscal policymakers. Introducing, through regulatory measures, special rules for developing sovereign bond ratings does not seem a particularly appropriate solution, at any rate.
Specifically, we are talking about a fundamental approach that envisages a dedicated rulebook for smaller institutions - an approach that would systematically address the excess burden placed on smaller institutions' operational capacities. In this scenario, only banking multinationals would be subject to the fully loaded Basel III requirements in the EU.