A fiscal program that increased the structural budget deficit would only make confronting those challenges more difficult. Thank you. I would be pleased to take your questions. 4  BIS Review 6/2008
Market forces proved inadequate to manage these swings between confidence and despair. Today, despite the fact that shadow banking, or as we prefer to call it, market-based financing (MBF), is at least as large as the regulated sector in most jurisdictions, it is often unregulated and/or overseen by authorities without a systemic focus. This should change.