The Bank for International Settlements could probably have done more to convey a “positive message” about the benefits of capital, outgoing general manager Jaime Caruana has said.

“In the debate about regulation, probably we have not been able to convey the full trade-off between regulation and growth,” Caruana says during an interview in Basel.

“Sometimes [a higher level of] regulatory capital is perceived as opposed to growth, but what we know is the opposite,” he says. “There is empirical