It is unclear, however, how far these built-in elements can also develop procyclical potential. Other experts argue, in turn, that the cyclicality of these two frameworks is a side effect of their desired characteristics. It is claimed that the potential procylicality has been deliberately condoned in order to make the capital requirements risk-sensitive and make capital requirements consistent with market conditions.
And yet, as I may recall at this juncture: the only spokesman for the euro is the President of the ECB. He is “Mr Euro”. Any political attempt to involve the ECB ex ante in political decisions or to create a second “Mr euro” (namely, the Chairman of the Eurogroup) would only lead to a blurring of responsibilities and thus to confusion. Conclusion 1.