I don’t want to underplay those factors, but the five above are the big themes on which I want to focus today. What is being done? Much has already been done, or is underway, to respond to these weaknesses by the various standard-setters, the Financial Stability Board and within the G20 process. Many of the responses can be organised under the same five headings.
First among them is capital regulation. Now it is worth pointing out, before going on, that it is something of a stretch to suggest, as some commentators have, that the so-called Basel II framework was to blame for the crisis.