It goes without saying that market participants need transparency in order to identify and value risk appropriately. – Let me in this context point to the lack of transparency in the shadow banking system, which played a crucial role in the recent financial crisis and which will also see an action plan which is to be discussed at the summit in early November.
4  Macroprudential design of crisis management  The third pillar of macroprudential policy refers to the forward-looking design of crisis management. Crisis management is the policy field which seems to receive most of the  2  BIS central bankers’ speeches  attention at the moment.