Letter to the editor - Giving Sisyphus the energy to keep going

Dear Sir,

Procyclicality of regulation has become a serious issue the international supervisory community needs to address without delay. In the words of European Central Bank president Jean-Claude Trichet, "We have to combat procyclicality without taboo." This is largely because evidence suggests the Basel II capital accord - although a major improvement on Basel I - is more procylical than its predecessor. Specifically, external ratings to some degree behave procyclically under the

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