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The risk-weighted Basel capital adequacy regime is fundamentally flawed.

Sovereign debt enjoys excessively favourable treatment so eurozone banks stuff their balance sheets with the IOUs of seriously over-indebted governments.

A parallel problem in the English speaking countries is the excessively favourable treatment of mortgage debt, which encourages asset price bubbles and puts home ownership out of reach for young people.

John Plender, FT 6 August 2017

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