progress has been observed in the area of liquidity management and the enhancement of the tools for the oversight of rating agencies. In the field of liquidity management, the Basel Committee and the CEBS have issued consultation papers on banks’ liquidity risk management and supervision.
As regards rating agencies, the IOSCO published the revised code of conduct and the European Commission is considering regulatory initiatives for their authorisation and supervision. From the above, it becomes evident that a lot of work is under way aimed at restoring market functioning, which is backed by high level political momentum (G7 and G10 as well as the ECOFIN at EU level).