However, under Solvency II and certain circumstances the effect can be to benefit short-dated bonds. Since insurers are among the leading investors in bank bonds, this can have a direct impact on the refunding costs for banks. 2)  Intensify international cooperation  Besides gearing regulation more closely to systemic aspects, we have to push for greater cross-border cooperation.
This is a precondition for preventing competitive distortions as a result of international regulatory arbitrage or gaps in regulation. Solo attempts for single nations are non-viable options. I therefore strongly welcome the fact that the G20 has become established as the central forum for international cooperation, and that the Financial Stability Board (FSB) has assumed a pivotal role in the international debate on regulation.