And it explains why the work that is carried out at various levels of relevance and responsibility in international fora is so important. In what follows I will review and assess recent reforms in financial regulation, highlighting those improvements that still need to be achieved.
I will also discuss the importance of advances in our analytical understanding of the workings of financial markets and of its deviations from stationarity. In search of a better regulatory and supervisory regime Over the last few years the crisis has heightened appreciation of the benefits of a more stringent regulatory regime.