Christian Noyer, a Governing Council member of the European Central Bank, said while it is important for more countries, particularly the U.S., to adopt the Basel II capital rules, he has doubts about the effectiveness of a simple leverage ratio as a guide for anticipating crises. Beyond the capital rules, "should we add a simple measure to our arsenal that enables us to assess leverage with a view to helping anticipate the formation of asset price bubbles?" Noyer said in a prepared speech. "I am rather doubtful myself, for several reasons."

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