The initial margin requirements represent a significant change  9  The Tier 1 common equity ratio for the 18 largest bank holding companies increased from 5.9 percent in December of 2007 to 11.3 percent in September of 2013. For more information, see the FR Y-9C “Consolidated Financial Statements for Holding Companies (PDF)” reporting form.
In aggregate, the euro area’s debt metrics may not look daunting: the total euro-area public debt burden is lower than that of the United States or Japan, and its current account with the rest of the world is roughly balanced, as it has been for some time. But as is now blindingly obvious, these aggregates mask large internal imbalances.