2  BIS Review 165/2009  However, less progress has been made on reforms of the regulation and supervision of financial institutions. And yet, there is a need to curb the excessive risk-taking by these institutions. After all, it was their behaviour which threatened the collapse of the global financial system in 2008, that then triggered the recession.
Similarly, there is little sign of reviving the global trading system under the Doha Round of trade talks. And yet it is clear that even-handed trade relations that could emerge through these negotiations could boost world trade and fulfill the G20 commitment to discourage countries from pursuing policies that restrict trading through protectionist measures.