In my view, further standardisation of the rating systems of local credit rating agencies at the regional level would be a crucial step in facilitating cross-border comparisons and using the advantages that local credit rating agencies have in terms of reducing the problem of asymmetric information.
There have been significant changes in financial regulation pertaining to high-quality liquid assets and liquidity coverage ratios, and the legacy of the Global Financial Crisis has likely led financial institutions to want to have higher liquidity even outside of regulation.