At their Pittsburgh Summit in September 2009, the G-20 leaders agreed on a “Framework for Strong, Sustainable and Balanced Growth” and committed to a “Mutual Assessment Process” (MAP) which is a peer review of each country’s progress towards meeting the shared objectives underlying the framework.
Therefore, we do not yet have firm empirical evidence for the existence and the relative importance of the risk-taking channel. However, recent ECB research shows for the euro area that low interest rates soften bank lending  5  See Borio, Zhu (2008), “Capital regulation, risk-taking and monetary policy: a missing link in the transmission mechanism?”, BIS, Working Papers No 268.