The augmented requirement will have to be met with capital of the highest quality. Implementation will proceed gradually starting in 2016. The new regime will be fully in force at the beginning of 2019. As for the shadow banking system, the Financial Stability Board has decided to concentrate on highly leveraged activities that involve maturity transformation or that can give rise to regulatory arbitrage.
The overall fiscal framework of the Stability and Growth Pact remains of central importance and should be fully respected.