The imperative for change: Central banks in the 21st century The first building block of credibility is the renewal of a social licence to operate—by this I mean the legitimacy an institution earns by serving the public interest.
Regulatory reform is usually triggered by a crisis – and the recent crisis is no exception. It set in motion a fundamental review and reform of financial market regulation. Work on this reform began at a global level in 2008, and it is still underway. Many important measures have been agreed, and some have already been implemented.