The system forms part of the broader process of reforming international financial rules to reduce the probability and the impact of bank failures by strengthening capital requirements, setting limits on financial leverage and instituting new minimum liquidity ratios. Banks deemed to be systemically important are subject to additional safeguards, and further measures are being discussed at the international level.
I believe that this change represents a major shift in the intellectual currents of the world that will have substantial effects on our lives and the lives of generations to come. …just as biology became a true science in the twentieth century, so too will economics come into its own as a science in the twenty first century”.