Conclusion    Despite criticism, reform progress has been substantial.   Enough to avoid future crisis? Certainly not, but hopefully enough to render crisis less severe.   Remaining reform workload is huge.   Changes in the regulatory framework are not technical matters alone implemented by pressing a button by a benevolent social planner.
Due to the increased complexity of the financial system, it has become crucial for central banks and other public-sector financial institutions to base their activities on a sound, comprehensive risk management framework.7 This can be provided by a formal SAA model-based procedure at the centre of the investment process.