For another thing, it generated a lot of information about some types of intermediaries but much less on others (including the shadow banking system). This made it difficult to understand fully the pro-cyclical behaviour of the system in the aggregate.
6  BIS central bankers’ speeches  Conclusion The international dimension of financial regulation has grown even more important since the financial crisis. Yet there are, as I have suggested, more subjects to be tackled. At the same time, the pursuit of efficient and effective regulation requires priority-setting by, and rationalization of, the web of international arrangements dealing with these issues.