In this respect, an important issue, which I’m sure will be addressed by today’s conference, relates to the scope of financial regulation and prudential oversight.
The current crisis is a loud and clear call to extend regulation and oversight to all systemically important institutions – notably hedge funds and credit rating agencies – as well as all systemically important markets – in particular the OTC derivatives market. What is currently under discussion is the precise way in which these elements should be integrated into an overall regulatory framework.