It is important to note that while it is often possible to plug these gaps by making some adjustments, this always comes at the price of a more complex and therefore less transparent leverage ratio. And it should also be noted that accounting standards are not simple per se, and their application is subject to some discretion.
Fourth, significant steps have been taken to improve economic policy coordination. These measures included the strengthening of the Stability and Growth Pact, the establishment of the European Semester, stronger emphasis on macroeconomic imbalances and the Fiscal compact. Last but not least, crucial steps have been agreed to move towards the creation of a Banking Union.