Using research to shape supervisory guidance on lending While much of our regulatory work recently has involved implementing the requirements of the Dodd-Frank Act, we are also continuing to review the lessons we learned during the crisis and the results of our recent research. In most cases, this work is more likely to result in supervisory guidance than regulation.
In that context, an important issue is the extent to which trade will finally pick up from the historical lows witnessed in the second half of 2001, and how beneficial the international transmission mechanism will be in transforming the current limited signs of recovery into a virtuous circle for world growth.