But the ultimate recognition for an academic is to enter text books, and quite understandably very few make  BIS Review 21/2010  1  it. Prof. Taylor is among those select few, and the celebrated Taylor rule, that he propounded in 1992, is now part of standard macroeconomic text books. 7.
To close this important gap in our regulatory structure, legislative action is needed that would subject all systemically important financial institutions to the same framework for consolidated prudential supervision that currently applies to bank holding companies.