2  BIS Review 155/2008  As for the measures to render the financial system in the future more resilient, I commend the work which is being pursued at the global level by the FSF and the G-20, and at the European level by the Ecofin Council. I would like to emphasise five strands of work which I consider particularly important.
An orderly transition away from LIBOR is important not only for your own firm, but for the smooth functioning of financial markets and the stability of the financial system. Today, I want to focus on the steps firms need to take to be ready for the end of LIBOR. Ensuring that these steps are taken is a global regulatory priority.