Work towards addressing the issue of shadow banking is progressing well; this autumn, the FSB will submit recommendations to the G20 in a report focusing primarily on closing gaps and loopholes in transparency and regulation; these recommendations will have to be fleshed out next year.
Again, I would like to stress that the oversight and possible subsequent regulation of the shadow banking system is primarily about the systemic risk that can arise in the shadow banking system. 4. What still needs to be done? There is another lesson to be learned from the financial crisis: The pre-crisis supervisory approach of focusing mainly on individual institutions proved insufficient.