Today, the Bank of England and the ECB published the recently announced joint paper on securitisation. The paper supports strongly the value of high quality securitisation. Acknowledging the many macro-economic reasons for the low level of current European issuance, the paper also identifies the need to incorporate in the proposed regulatory schemes a single definition of high quality securitisations and to calibrate the prudential rules based on the actual performance of such securitisations. Reflecting arguments that PCS has been putting forward since its inception, we strongly welcome this short but focused and to the point contribution. What makes this paper all the more timely and important is that it addresses the global regulatory work being done by the Basel Committee and IOSCO. Until now, most of the contributions to the high quality securitisation debate had taken place within Europe and concentrated on European approaches (for example, Solvency II). This paper globalises the issue and puts this European approach squarely on the international regulatory agenda. The paper may be found here.