•  Strengthening supervision over banks and other financial institutions and establishment of the Board for Financial Supervision (BFS) in 1994 with the primary objective of undertaking supervision of the financial sector comprising commercial banks, financial institutions and non-banking financial companies.
Among the many lessons of the crisis is the one that financial markets are not self-correcting. This is in part because the signals of financial instability are difficult to detect in real time. On top of that, banks escape some of the disciplinary pressures of the market as their balance sheets are typically opaque.