Regulations should also have a strong counter-cyclical focus, preventing excessive accumulation of leverage and increasing capital and provisions (reserves) during booms, as well as preventing asset price bubbles from feeding into credit expansion. Reliance on financial institutions’ internal models, the major focus of the Basel II agreement on banking regulation, should be discarded.
监管也应该具有很强的抗周期关注点，以便在繁荣时期防止金融杠杆的过渡累计，并且增加资本和供应（储备），同时防止资产泡沫助长信贷扩张。有关银行监管的巴塞尔协议II，其主要的观点是要依靠金融机构的内部模型，现在应该抛弃这种观点。这种策略现在已经显示出其危险性，并且金融机构使用相似的风险模型会导致更大的不稳定。