A lot can and should be done. With a growing number of countries participating in the international division of labour and in the global allocation of capital, the world needs more binding rules. A lot of work on defining such appropriate rules has already been done during the past few years.
I would just like to remind you of the Basle Capital Accord or of the Core Principles for Effective Banking Supervision. The crucial challenges are to ensure that such rules are actually implemented by the countries and to ensure that the national authorities are in a position to have the required changes put into effect by the market players.