It is equally true for Germany, for Spain, for Italy. It is true for the 12 countries forming the euro area. The single currency area is, in my view, a solid and coherent economy with all partners having strong advantages.
Even if these issues could be addressed and a time-varying macroprudential measure developed and applied, there is some reason to believe that regulatory relaxation of such a requirement may not have much effect on the downside of an economic or financial cycle. Market discipline, which may have been lax in boom years, tends to become very strict when conditions deteriorate rapidly.