Progress has been made, but it is necessary to pick up the pace, overcoming the difficulties of implementation, particularly for cross-border transactions, and the industry’s resistance. A timely reflection is under way at international level on the organizational structure of banks, on the need to separate traditional credit business from activity in the financial field.
The reports of the Vickers Commission in the United Kingdom and the Liikanen Group for the European Commission trace out possible lines of intervention. With stringent rules for supervised institutions, it will be necessary to keep risks from migrating to the shadow banking system – the ensemble of intermediaries, products and markets that slip through the regulatory net.