To the argument that implementation of Basel III will hurt growth, my response is only to cite  4  BIS central bankers’ speeches  research by BIS economists which shows that even if Basel III imposes some costs in the short term, it will secure our medium term growth prospects. RBI’s responsible regulation – new bank licences 31.
Furthermore, the national central banks can provide credit institutions in each country with access to the central banking network, which is an important benefit in view of the large size of the euro area and the long-standing relationships between the national banking communities and their central banks.