In addition, the culture of disclosure within the United States already comes close to, and in some areas exceeds, the Pillar Three requirements of the accord revisions. For those U.S. institutions with public debt or equity, requirements by the Securities and Exchange Commission, as well as demands by the market, translate into fairly extensive public disclosure.
The smooth functioning of the euro area, taking into account the relative importance of the public sector and of the non tradable sector in a number of economies, calls for not relying exclusively on the working of the competitiveness channel amongst tradable goods and services to engineer corrections of deviations of relative cost competitiveness inside the euro area.