First, you reference a proposal that we do not have, so by definition you can't read that into it. But if you're talking about a macro-prudential approach, no, one wouldn't focus in on a specific security unless that security itself were a major part of the capital markets, such as, for example, the GSE bonds in the United States. They turned out to be systemically important, in part because of the ambiguity of the guarantees around that and the knock-on effect that had as little as nine months ago. It seems like years ago, but it was less than a year ago. So that would be an example. Macro prudential is really the forest rather than the trees, and individual securities are trees. One wants rating agencies to do their job properly.
On April 28th, 2009. See this statement in context.