In the last ten years, therefore, a comprehensive reform program has been developed, under the leadership of the G20, the Financial Stability Board, and the Basel Committee of Banking Supervision. The reforms have made financial institutions better equipped to deal with future shocks. Thanks to these reforms, banks hold significantly more capital, which is more readily and easily available to absorb losses.
3  However, accrued outlays should exhibit far less deterioration than the unified budget outlays when the baby boomers retire because the appreciable rise in benefits that is projected to cause spending to balloon after 2010 will have been accrued in earlier years.