2  Fundación de Estudios Financieros (2009), Observatorio sobre la Reforma de los Mercados Financieros Europeos, Papeles de la Fundación N. 34. 3  Albert O. Hirschman (1991), The Rethoric of Reaction: Perversity, Futility, Jeopardy, Cambridge MA; Harvard University Press. BIS Review 6/2010  1  regulatory and supervisory framework in order to provide sounder foundations to our financial systems.
Let me now stress some of the areas in which substantial work has been achieved to design and implement reforms. Three key areas of reform: credit rating agencies, hedge funds and compensation practices As I mentioned earlier, substantive progress has been made in the regulatory and supervisory reform as a response to the financial crisis.