There is no time to relax; there is just a little more time to prepare. Now, Brexit at least offers an opportunity to think about CCPs and concentration risk in more general terms. The market for clearing is highly concentrated. While I do see the benefits in terms of efficiency, I also see the risks. And this is something we definitely need to discuss.
Information loss and model uncertainty are closely interdependent: Models are, by definition, a reduction of reality. For example, single models can capture only a few aspects of the monetary transmission mechanism. Since many transmission channels are likely to matter in reality, a “one model fits all” approach seems inappropriate.