The dual banking system of state and federal banks has encouraged innovation and is an important contributor to the strength and flexibility of the  BIS Review 60/2004  1  U.S. financial system. However, supervision by charter can create an uneven playing field for competitors that offer similar services but are subject to different regulatory requirements.
The current period of high energy prices is providing us with much needed space to accelerate the reform process and to make the necessary structural changes. It’s a question of seizing the moment. BIS Review 21/2005  11