And at the national level, these options have been exercised in many different ways. To be sure, sometimes it is reasonable to interpret rules against the backdrop of specific national circumstances, but sometimes it is not. So we need to analyse all the options and discretionary scope provided at the national level very carefully.
Those that reflect the  BIS central bankers’ speeches  3  diversity of different markets and different credit institutions, we should keep. Those that do not, we should phase out. The ECB and the national supervisors have just kick-started this evaluation process. 7.