This means taking account of the relationships among the circumstances and activities of significant financial actors through such channels as funding dependencies and correlated assets. The financial crisis has made what was formerly a minority view—the need to incorporate systemic considerations into the regulatory regime—into something approaching a consensus.
4  BIS Review 16/2007  Conclusion Financial stability was the first and perhaps the most important responsibility of the Federal Reserve. To meet that responsibility, we must cooperate closely with colleagues here and abroad to adapt our techniques for preventing and managing situations that could undermine financial and economic stability.