Work is also underway concerning the development of measures to mitigate pro-cyclicality stemming from the regulatory frameworks, namely by building buffers in good times that can be withdrawn in less benign conditions. In this context, let me recall that the G20 Leaders approved the recommendations by the FSB to address procyclicality, which are to be implemented by the end of this year.
Need to rethink also policies and policy frameworks The conference will conclude with a panel discussion on macro-prudential policies. Key questions in this area include the translation of systemic risk analysis into concrete policy actions and the related challenge of developing a well-functioning macro-prudential policy toolkit.