(2)When determining which markets constitute advanced economies and which ones constitute emerging markets, it is necessary, on the one hand, to ensure a level playing field and, on the other hand, to establish a risk-based approach. In that respect, specifying the list of countries that constitute advanced economies is deemed the most appropriate solution in light of the approach followed by the Basel Committee on Banking Supervision (BCBS) and the need to achieve a common implementation of the calculation methodology of the related market risk requirements in all Member States. While BCBS international standards should be taken into consideration, it should be specified that markets of the Member States that are less volatile than the markets recognised as advanced economies in accordance with those international standards constitute advanced rather than emerging market economies. Furthermore, the determination of advanced and emerging market economies should have due regard to the establishment of an internal market in the Union, the presence of the European Economic Area, and the specificities related to overseas countries and territories of some Member States.