Bearing this in mind, I also argue that what is needed is appropriate sequencing of regulatory reform when banks are deleveraging, not leveraging. Finally, I will touch upon the cross-border issue raised by the Volcker Rule in the Dodd-Frank Act, which is another example of the unintended cross-border impact of financial regulation.
There, appropriate implementation is the key to avoiding unintended side-effects that may be quite hazardous to some countries. 2. The Eurozone crisis and US regulatory change: unintended pull of “excessive” European risk taking  2.1.