Improvement in the COVID-19 situation appears to be fueling recovery in services consumption since spring, despite seniors in particular being somewhat cautious.
For other objectives such as avoidance of systemic risks and macroeconomic stability, it may be more appropriate for the regulator to favor  BIS Review 79/2007  1  principles. In this context, the policy makers have to strike the right balance to reconcile the desirable clarity of rules with the idiosyncratic flexibility of the principles-based approach. 4.