Thanks to the work of the Financial Stability Board (FSB) and others, the broad outlines of this future regulatory environment are now much clearer than they were a year ago. The Financial Stability Forum (FSF) – predecessor to the FSB – and its member bodies made several recommendations for strengthening the system over the past year.
Today, these recommendations are commonly  1  W. Bagehot (1873), Lombard Street: A Description of the Money Market, Wiley, New York, 1999, originally published by Henry S. King and Co., London, 1873. BIS central bankers’ speeches  1  regarded as having set out the principles by which central banks should conduct lender of last resort operations.