If and when there is an international agreement, the main thrust of international efforts will turn to evaluating the effects of the strengthened rules, ensuring that such rules are working as initially envisioned and there are no unintended consequences -- for example, whether liquidity in financial markets is impaired as a result of stricter rules such as the leverage ratio, and whether entities beyond the scope of regulation in the "shadow banking" sector are expanding.
In addition, it is important to review whether the whole set of rules has not brought about overregulation or inconsistency, notwithstanding the desirability of individual rules. Whenever it becomes apparent through these assessments that there are problems in the rules, it is appropriate to make necessary adjustments. Developing a Macroprudential Policy Framework I will now move on to macroprudential policy (Chart 3).