Not to turn away from what has worked: our 5/6  BIS central bankers' speeches  model of economic openness reinforced by our single currency. But to put right the mistakes that have prevented it from working as well as it should. For national governments this means fulfilling the conditions that we have always known are necessary to prosper in our monetary union.
However, the practice of measuring the leverage ratio solely by on-balance-sheet items – as happens in some jurisdictions – also creates incentives to establish off-balance sheet special purpose vehicles. IV  In order to avoid getting mired in detail, we need to keep our eyes on the big picture in terms of the effects of the many proposals for new rules.