At the same time, the supervisory and regulatory authorities must recognise that market failures do occur and should focus their efforts on how such failures might be redressed. The BIS, whether in its old role or some new one, hopes to continue to make a material contribution to these efforts to encourage financial stability.
References Bank for International Settlements (1999): “The monetary and regulatory implications of changes in the banking industry”. BIS Conference Papers, Vol 7, March. Bank for International Settlements (1998a): 68th Annual Report, June. Bank for International Settlements (1998b): International banking and financial market developments, August. Bank for International Settlements (1997): 67th Annual Report, June.