In addition, the requirements for banks to use internal models for calculating capital requirements for derivatives will be tightened. This proposal also includes a reconsideration of the zero risk weight for CCPs, even when the CCP complies with international standards. CCPs will become systemically important, as more and more derivatives will be cleared through CCPs. There will be a concentration of risks on CCPs.
One source of divergence in the rates of price changes across euro area countries or regions, which is often quoted in public debates, relates to the “catching-up processes”. We can witness such a catching-up process when a country or a region starts from a lower level of productivity – and thus income per capita – compared with other economies participating in EMU.