The sources and the propagation of the financial crisis have proven the need for macroprudential policies to address systemic risk, as well as take account of the interplay between the financial system and the real economy.
New institutions have been put in place, such as the European System of Financial Supervision and the Financial Stability Oversight Council in the United States, and regulatory reforms are taking shape, notably Basel III and a host of other initiatives under the leadership of the Financial Stability Board.