As regards equities, there is not yet clear-cut evidence that this has gone too far, based on the indicators usually watched to  4  See also, on this and other challenges ahead, I. Visco, “Challenges to international cooperation in the wake of the global crisis” (intervention at The Italian Chamber of Commerce and Industry in the UK XXXI Annual Conference on “A new approach to global economic and social growth”, London, 16 October 2009, available at http://www.bis.org/review/r091021e.pdf).
On the reform of the international monetary system, I would also refer to the recent IMF paper, “The debate on the international monetary system”, by I. Mateos y Lago, R. Duttagupta and R. Goyal (SPN/09/26, November 2009). 5  IMF, “The state of public finances. Cross-country fiscal monitor: November 2009” (SPN/09/25, November 2009). 6  BIS Review 161/2009  assess asset valuations.