In most jurisdictions, there are other financial sector regulators, and the government too, who have to share this responsibility. That raises the question: what regulatory architecture is best suited for preserving financial stability? There is no definitive answer. As several analysts have pointed out, the crisis hit countries alike, irrespective of their regulatory architecture.
For example, the US with multiple regulators and the UK with a unified regulator were both hit alike. But as we emerge out of the crisis, some broad contours of reform are emerging. 17.