corporate governance; data dissemination; fiscal transparency; insolvency and creditor rights; insurance supervision; monetary and financial policy transparency; payments systems; and securities regulation. BIS Review 37/2004  3  The ECB has expressed on various occasions its supportive stance to the new framework.
The ECB was also among the first to point out the possible macro-financial implications of any banking prudential scheme, highlighting the potential procyclical effects that might be induced by any framework relying on a comprehensive real time risk analysis. These concerns have been taken into account in the final version of the new framework which aims at being neutral over the cycle.