Second are areas that I believe should be priorities for international work in 2012 – cross-border resolution of financial firms, wholesale funding markets, and over-the-counter (OTC) derivatives reform. And third are some institutional changes that will be required in the relevant international bodies to assure that they fulfill their promise of promoting a safe and efficient international financial system.
Before turning to these topics, I think it important to state the goals that should inform U.S. involvement in international financial regulatory efforts.