However this latter number is based on the December 2010 version of the LCR; the recalibration of the LCR in the January 2013 final version will reduce this value for U.S. banks by roughly one-third. Extrapolating this result to the global level suggests that incremental demand resulting from the LCR will fall by roughly $ billion to $ trillion.
But here too, I believe that it is important to analyse the possible implications for the economic cycles of different policies. The intermediate objectives of macroprudential and fiscal policies might differ. Nevertheless, the underlying goal of all policies is to achieve a stable and sustainable rate of economic growth. As such, it is crucial that policy makers make time to listen to each other.