the implementing technical standard on supervisory reporting, for example. if it turns out that a disproportionately large amount of information is being collected, then we need to focus on ways to reduce this burden. another starting point would be to abolish disclosure requirements that have been rendered obsolete by the co - existence of european and german rules. i think unnecessary duplications in the collection of data should be eliminated by amending the german rules. viewed from this angle, i see germany's liquidity regulation as a candidate for the chopping block. and it will, in fact, be eliminated at the start of 2018, once the lcr has been fully implemented. yet another point i think is worth considering is to slim down smaller banks'reporting requirements to a minimal data package. then, only compliance with the minimum standards would be monitored. disclosure is another field where banks could be given a break. here, we should investigate just how often disclosure reports need to be published in order to supervise smaller regional institutions. in addition, we need to make sure that the disclosure reforms do not introduce any intra - year disclosure duties. my third suggestion for achieving greater proportionality is probably the most far - reaching of all. what i have in mind is the creation of separate regulatory frameworks for smaller institutions, on the one hand, and large multinational banks, on the other. even though the response to this proposal has been tepid so far, i nonetheless think it is worth considering as a fundamental approach – one that would systematically address the excess burden placed on smaller institutions'operational capacities. a two - tiered system could be put into practice through a graduated set of basel standards for institutions that are neither multinationals nor large in size. a broadly similar set - up has been up and running in the united states ever since the basel ii regime was implemented. any institution whose balance sheet exceeds a certain threshold there is subject to the basel rules. however, it would only be possible to do the same here in germany by creating rules at the european level. federal association of german people's banks and raiffeisen banks and european banking authority banking stakeholder group ( 2015 ) proportionality in banking regulation ( 52 f ). the legal basis for this and for the commission's work could be inserted in the crr ( and in the crd iv, too, if appropriate ). bis central bankers ’ speeches in this scenario, only banking multinationals would be subject to the fully loaded basel

lael brainard : global financial stability considerations for monetary policy in a high - inflation environment speech by ms lael brainard, member of the board of governors of the federal reserve system, at " financial stability considerations for monetary policy ", a research conference organized by the board of governors of the federal reserve system and the federal reserve bank of new york, new york city, 30 september 2022. * * * i want to start by thanking anna kovner, rochelle edge, and bill bassett for organizing this conference. the current global environment highlights the importance of having strong analytic and empirical foundations to understand financial stability considerations for monetary policy, and the research presented today will help strengthen those foundations. 1 the global environment of high inflation and rising interest rates highlights the importance of paying attention to financial stability considerations for monetary policy. as monetary policy tightens globally to combat high inflation, it is important to consider how cross - border spillovers and spillbacks might interact with financial vulnerabilities. inflation is very high in the united states and abroad, and the risk of additional inflationary shocks cannot be ruled out. in august, cpi ( consumer price index ) inflation on a 12 - month basis was 8. 3 percent in the united states, 9. 9 percent in the united kingdom, 9. 8 percent in sweden, 9. 1 percent in the euro area, 8. 7 percent in mexico, 7. 0 percent in canada, and 5. 7 percent in korea. central banks facing high inflation are tightening monetary policy rapidly to damp demand and bring it into alignment with supply, which is constrained in a variety of sectors. the process of resolving imbalances will be easier the more supply improves in markets for commodities, labor, and key intermediate inputs, as is generally expected, but there is a risk that supply disruptions could be prolonged or aggravated by russia's war against ukraine, covid - 19 lockdowns in china, or weather disruptions. russia's war against ukraine has generated spikes in prices for energy, food, and agricultural inputs. most recently, inflation in europe was pushed higher by russia's cessation of natural gas deliveries through the nord stream 1 pipeline, creating hardships for households and risking disruptions for some industries in the affected countries. china's covid lockdown policy could also lead to supply disruptions if cases again increase. separately, weather conditions in several areas, including china, europe, and the united states, are exacerbating