4) What changes should be introduced in the adjustment mechanism? 5) Which reforms are needed in the about international regulation of the financial sector? I will not address this last point.
There is thus still work to be done, but the institutional environment has become more conducive to a leaning-against-the-win strategy than before the crisis. The early indications already suggest it has increased the resilience of the financial sector to shocks. Despite this improved first line of defence, implementing a leaning-against-the-wind approach will remain challenging though.