3  For example, in recent weeks, the default rates implied by the levels of the ITRAAX crossover index have reached almost twice the cumulative default rate experienced by comparably rated companies during the last two recessions.
Regional policy-makers, in particular, are concerned about the impact that the new reform agenda is having on their offshore financial centers, which are an important element of their diversification strategy. They see the new information-sharing requirements as being  2  BIS central bankers’ speeches  onerous and leading to a migration of business to other centers in Europe and Asia.