A key aspect here is that we want to introduce a surcharge for global systemically important institutions. In addition to the Basel III reforms, the Basel Committee is also discussing the current practice of giving sovereign bonds privileged regulatory treatment.
The Bundesbank is campaigning to require banks to hold sufficient capital against the risks of sovereign bonds and for exposures to sovereigns to be covered by the usual large exposure rules. However, these reforms will only be finalised after 2016. 6. Reforming business models  Ladies and gentlemen, rules must be developed, reviewed, accepted and implemented.