If the FSB had been in place before the crisis and working on identifying and assessing vulnerabilities to financial stability, that may have allowed us to take action at an earlier stage, frame our response with more information, and possibly mitigate some of the devastating consequences.
I can attest to the FSB’s improvement over the pre-crisis discussions that took place internationally because during the first Bush Administration I was a delegate to the informal and more limited group that preceded the FSB.