The infrastructure supporting such markets must be made much more robust and resistant to potential failures of even large financial institutions". Regulation and supervision of the financial system Systemic or macroprudential regulation. Almost all the reports on the reform of the financial system see a need for macroprudential or systemic regulation, and many place this responsibility with the central bank.
The U.S. Treasury report of June 2009 (p.11) defines macroprudential supervision as supervision that considers risks to the financial system as a whole, and recommends placing the responsibility for such regulation with the Fed.