The ability to wind up these institutions without undermining the markets or using public money, the certainty that they can absorb larger losses than those that less important intermediaries can bear, and more extensive and penetrating supervision; these are the three pillars on which the FSB’s recommendations will be based.
In addition, as a courageous trailblazer, the BIS has I think very excellently fulfilled its mission of providing clear ideas on ways of meeting the expectations for the increased role of central banks, and of plugging any gaps between their current roles and social accountability.