7  For a more comprehensive discussion of recent changes in the regulatory framework, see Daniel K. Tarullo (2013), “Evaluating Progress in Regulatory Reforms to Promote Financial Stability,” speech delivered at the Peterson Institute for International Economics, Washington, May 3. 8  See Stanley Fischer (1999), “On the Need for an International Lender of Last Resort,” Journal of Economic Perspectives, vol. 13 (Fall), pp.
85–104. BIS central bankers’ speeches  3  activities, can directly limit risk-taking. Second, through the use of appropriate carrots and sticks, regulators can enlist the private sector in monitoring risk-taking.