True craftsmanship produces documentation that even a layman can appreciate and more importantly, understand. By comparison, I think the changes needed in the supervisor’s toolbox have not always received the same amount of attention. These changes are crucial, though, to ensure that supervisors are well-equipped to ensure the resilience of the financial system in a complex world.
A second set of tools involved the provision of liquidity directly to borrowers and investors in those credit markets key to households and businesses where the expanding crisis threatened to materially impede the availability of financing.