In my opinion, Congress wisely removed several antiquated barriers to a modern financial structure in the United States, and now we need to design  BIS Review 53/2001  1  regulatory and supervisory policies that reflect the will of Congress and deal effectively with a changing financial services industry.
Technology and deregulation, forces for change that I have just mentioned, have encouraged consolidation in the financial sector. With central bank and treasury officials from twelve other major industrial economies, I have reviewed the likely effect of the global trend toward consolidation and its implication for central banks and regulators.