In addition, global competition between financial centers has intensified. 3  IMF: Macroprudential Policy: An Organizing Framework, March 2011. BIS central bankers’ speeches  5  In response to the crisis, the world has moved into a new stage of international regulation and supervision of financial markets.
The new rules – many of which have not been implemented yet – start to bite already, due to the tightening of capital requirements and a more homogeneous regulatory framework which pose challenges in particular to smaller financial centers. But this changing environment implies also opportunities to improve their relative positions.