Central banks’ actions to safeguard the operation of the markets would hardly have been possible without the support of governments. In November 2008, the G20 committed to supporting the liquidity of the banking system, but, at the same time, they also committed to reinforcing the regulation and supervision of the financial markets.
This has triggered very significant processes, regulatory initiatives, that go further than crisis management and that  4  BIS central bankers’ speeches  aim to reinforce financial market structures in order to prevent a recurrence of the crisis of 2008. At least in terms of financial sector regulation, the world has entered a new phase.