The current, more profound reforms will have taken shape in about half that period. Future regulators should continue this trend and make sure that regulation of the financial system keeps evolving, especially when public concerns about global financial crises fade away.
And ideally, the next round of reforms should be even more harmonised at the international level, to reduce unfair competition and unproductive barriers to financial integration. I also have two messages for the financial sector. First, within the new regulatory framework, it is important that financial institutions continue to strengthen their own risk assessments.