Is the counter-cyclical toolbox incomplete?
The Basel Committee on Banking Supervision published details on the calibration of its new counter-cyclical buffer in September, along with plans for an additional capital conservation buffer. However, more work is needed to ensure the cyclicality of minimum capital requirements is eradicated, argue Andrea Enria and Mario Quagliariello at Banca d’Italia
In the debate that followed the financial crisis, the introduction of counter-cyclical measures has been advocated as one of the possible solutions to the risk of pro-cyclicality in the financial system. Various proposals have been put forward and in December 2009, the Basel Committee on Banking Supervision published a consultative document that addresses this issue.
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Is the counter-cyclical toolbox incomplete?
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