By all accounts, the major constraints in regard to both these appear to be the institutional framework  4  BIS Review 78/2001  and uncertainties in regard to the policy framework, both of which need to be tackled urgently as part of confidence boosting measures.
Policy makers in both mature and emerging markets therefore face considerable challenges going forward, to ensure the stability of the financial system and continued healthy global growth. 8. Conclusion  In recent weeks, the present situation has been likened to events in 1998 or 2001.