In the recent experience, for example, there was ample awareness of the build up of both global financial imbalances, and of the asset price bubble, but there was little agreement on what needed to be done. Even if adequate work is done on the identification of systemic risk, and on the regulatory measures necessary, what will be the enforcement methodology internationally.
Within national regulatory systems, issues relating to inter-regulatory cooperation will also arise, who will be in-charge of issuing early warning systems and who will listen to them? Fourth, there is general agreement on the extension of regulation on all systemically important institutions, markets and instruments. Here again there is an issue of implementation. How do we decide what is systemically important?