With emergence of powerful economic interests in the form of multinationals or dominant domestic corporates and their large stakes in capital markets, in the larger context of powerful influences outside of the executive wing of Government, it may be necessary to also ensure independence of central bank operations.
Moreover, the Basel Committee has strengthened the guidelines for the supervisory review process under pillar two of the Basel framework and thus addressed key lessons of the crisis with regard to governance, the management of risk concentrations, stress testing, valuation practices and exposures to off-balance sheet activities.