In spite of the inclusion of a huge mass of statistical data in the calibration of capital requirements, the final results will remain hypothetical and a political compromise. Safeguarding solvency and liquidity is just one of a number of strategies aimed at creating a robust financial framework. Another core element of post-crisis regulation was to make rules coherent, internationally consistent and to avoid bypass.
Let us not forget that financial actors and entities, as living organisms, will eventually discover and make use of any available loophole. If there is any way to evade short-term pain, an industry worth trillions of euros will always look for it. When I say this I am not expressing criticism, I am simply stating the facts.