The global financial crisis has demonstrated the need for fundamental reform of the financial system. The underlying structure of the international financial and monetary system is being re-evaluated. Whatever its structure, the prudential regulatory framework will need to be re-oriented to have a system-wide focus. And improvements need to be made to allow financial institutions to fail without imposing unacceptable costs on the rest of society.
Published on
24 November 2009
The role of macroprudential policy