But the fallout was nonetheless severe – the worst global recession since the Great Depression, with almost 28 million jobs lost worldwide. And we continue to struggle with the aftershocks of the crisis. A central pillar of the policy response to the crisis was a sweeping reform of the financial regulatory and supervisory framework.
Launched at the G-20 Leaders Summit in London, the multi-pronged reform agenda included several key elements: enhanced transparency and disclosure; higher prudential and liquidity standards; a new system of macroprudential oversight; credible and effective resolution regimes for large financial institutions; a broader scope for regulation and oversight spanning all systemically important financial institutions, markets and instruments; stronger infrastructure for key financial markets; and measures to promote adherence to international prudential regulatory and supervisory standards.