As I will discuss, many of our recommendations involve actions to be taken by market participants, and so their buy-in and cooperation is essential as well. We have consulted extensively with market participants on these issues and will continue to do so. As you may know, the Department of the Treasury recently issued a blueprint for regulatory reform in the United States.
This is making it difficult for banks to raise further capital, which is why they may respond to regulatory requirements by deleveraging. This, in turn, may well have negative effects on market liquidity. At the same time, it is evident that well-designed regulatory measures will help make the financial system more stable.