The current crisis is a loud and clear call to extend regulation and oversight to all systemically important institutions – notably hedge funds and credit rating agencies – as well as all systemically important markets – in particular the OTC derivatives market. What is currently under discussion is the precise way in which these elements should be integrated into an overall regulatory framework.
Currently, we are in the process of identifying the regulatory gaps. This is taking place within an international discussion, which the ECB strongly supports. The ultimate aim must be to extend the regulatory net to cover all instruments, institutions and markets that are either systemically important or which play a key role for the functioning of markets.