These measures were implemented to reduce the risk that a future crisis will result in taxpayer support, and to help ensure that the financial system could continue to function even in the event that one of these banks were to default. 3/6  BIS central bankers' speeches  It is ironic that the housing finance system should escape fundamental reform efforts.
Our work on global financial safety nets continues and remains an important agenda item for the G-20. Conclusion The GFC has significantly transformed the environment in which monetary policy operates. While uncertainty is always part of monetary formulation, it is the ever-escalating level of uncertainty in the aftermath of the GFC that has presented the major challenge for policy formulation in the current environment.