In some cases such as for Art 133 CRD IV, Art 458 CRR, the sequencing of the measures implies the requirement to consider the implementation of Pillar 2 ahead of Pillar 1 measures. Some overlaps also exist between instruments, especially between the systemic risk buffer and the one for other systemically important institutions (O-SII).
6  BIS central bankers’ speeches  legislation – do have cross-border implications and their effectiveness would be strengthened if made available to the ECB. If applied incoherently, they can distort the Single Market, obstruct financial integration and weaken financial stability.