At the same time, many challenges remain and a lot still needs to be done. The financial system continuously innovates and the work of regulators comes with a lag. In fact, certain large financial institutions that conduct activities similar to banks but have no banking license – what we call non-banks – remain insufficiently monitored and under-regulated.
The theme of this year’s conference is “Adapting to the New Normal: Perspectives and Policy Challenges after the COVID-19 Pandemic.” More than a year has passed since the outbreak of the pandemic, during which time it has caused enormous loss and damage to people all over the world.