In general, transparency will be further enhanced by a new tool that is currently under development: the legal entity identifier, LEI for short. This tool will allow the risk management of banks to aggregate and assess total exposure to individual counterparties much more easily. This is a small step with the potential to have a great effect both in day-to-day management and in crises.
4. Mission accomplished? All this brings us to the key question. To assess the reforms we have undertaken so far, there is one question that needs to be answered: If a major bank were to fail tomorrow, would we be better prepared for it than we were five years ago?