Such developments and the regulatory reforms around Basel III have made the financial system more stable. BIS central bankers’ speeches  3  Nevertheless, further reform efforts are needed, and the momentum for reform cannot be lost.
Some of these measures are expediencies taken in the midst of a crisis and elements may need to be adjusted later to support a more permanent solution. 4 For example banks have been provided with considerable liquidity support to reflect the scale of the funding pressures. The broader intent has been to grease the wheels of the financial system.