It will be essential that we do not backtrack on the progress made during the crisis in strengthening the regulatory and supervisory framework, and that a level playing field is preserved. While progress has been made towards more resilient market-based finance worldwide, it is important to continue monitoring emerging risks and vulnerabilities in the financial system and to address them if necessary.
In view of the potentially systemic nature of these risks, macroprudential frameworks also need to be extended beyond banking to ensure that authorities have the appropriate tools to act in a timely manner when needed.