That agenda now has to be implemented thoroughly and unfailingly. This is because the present marked international will for reform has created a window of opportunity for a redesign. That window will not remain open for ever, however. Necessary reforms therefore have to be initiated as soon as possible.
The current tendency towards an easing in the financial markets should be used vigorously in order to further enhance the resilience of the financial system. One key point on the international agenda is strengthening the supervisory architecture, focusing on two aspects: first, intensifying macroprudential analysis; second – and this applies to Europe in particular – furthering the development of cross-border banking supervision.