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     The Basel III Framework introduces a countercyclical capital buffer to reduce the procyclicality of the minimum capital requirements. The reference point for the decision to impose the buffer is based on the credit‐to‐GDP ratio. However, this guidance will exacerbate the problem of procyclicality in a rule based application, because in periods with a low GDP growth it sends a signal to increase the capital requirements and in periods with a high GDP growth it sends a signal to reduce the capital requirements. Instead of the credit‐to‐GDP ratio the credit growth and the credit impulse should be used as reference point, because these variables are high correlated with the real GDP growth.

Warum der Baseler Ausschuss für Bankenaufsicht mit seinem antizyklischen Kapitalpuffer falsch liegt †