We should not wait for a severe crisis in central clearing before closing this gap. Second, while resolution plans play a significant role in reducing the potential fallout from CCP resolution, they cannot offer absolute guarantees, especially when the cross-border implications are considered.
It ignores history, which clearly shows that those societies that have done the most to improve the economic well-being of their citizens are those where the public sector has provided the right social climate for the dynamism and creativity of individuals and businesses to thrive.