Policy responses have evolved during the various phases of the turmoil so as to address the increasing difficulties. 2.1  First phase of the financial market turmoil: August 2007-March 2008  During the first phase of the turmoil, the Eurosystem responded to the challenges mostly through a combination of operational measures in the field of euro liquidity management and increased communication to the public.
As new, higher standards come into force, ensuring equivalent implementation will become increasingly important. Three critical areas stand out: Basel III, resolution regimes and central clearing for OTC derivatives. We will need rigorous and effective assessment of implementation across all jurisdictions to ensure that they are living up to their commitments.