High levels of transparency are an important feature of a healthy global financial architecture and make markets more efficient by reducing irrational behaviour. Financial institutions should fully and promptly disclose their risk exposures, write-downs and fair value estimates for all instruments. Second, there is a large element of pro-cyclicality present in numerous rules, regulations and procedures that govern global financial markets.
10  It is interesting, however, that even nonmembers such as Sweden and the United Kingdom have seen their bond yields converge to the German benchmark since about 1997 or 1998. BIS Review 13/2004  5  U.S. Treasury issues, there remains the fundamental difference that euro-zone debt is the debt of twelve sovereign entities, rather than one as in the United States.