Each of the above areas are difficult in their own right. That we have been able to progress global policy development and implementation on such a broad front, while fighting a very serious financial crisis, is something that has never happened before. So, the direction in which we are moving internationally is encouraging. But important issues remain.
And it is political resolve that will determine whether we accomplish the credible and robust reforms that our citizens rightly demand, yet preserve the enormous advantages of an internationally integrated financial system. Addressing TBTF Addressing the “too-big-to-fail” (TBTF) problem is perhaps the most challenging remaining legacy of the crisis. Basel III will greatly strengthen banking system resilience, but it does not address this problem.