As the crisis developed, a more representative body (G22) was formed, which did important work not so much in the resolution of the crisis as it was occurring, but in preparing for the re-writing of some of the rules.
I have talked elsewhere about some of the issues which required new or different rules, and the real progress which has been made in addressing these issues.4 These issues are: •  bailing-in the private sector (also known as “burden-sharing”);  •  hedge funds;  •  the volatility of capital flows and what might be done about this.