Specific implementation is often very intricate and requires careful analysis, which is why the specialists – eg the Basel Committee on Banking Supervision and regulators and legislators at the national level – need time to formulate the new rules properly and to create a consistent framework.
Another lesson from the crisis is that global imbalances must be reduced in order to achieve sustainable long-term growth. This has led some to propose a coordination of economic policies, where countries with current account surpluses actively prop up demand. To be frank, I am deeply sceptical about such a strategy. Even persistent current account surpluses are not per se an indication of imbalances.