Over the coming months, the FSB, together with competent standard setting bodies, will issue a series of studies and recommendations for regulatory actions which will deal with identified gaps and with inconsistencies in national regulatory approaches. These recommendations will then, once again, have to be implemented at regional and national level, calling for further substantial changes in laws and regulations.
We should keep in mind that, when designing new monitoring and regulatory measures, our actions must be forward-looking and we must be mindful of unintended consequences. Given the fluid, evolutionary nature of the shadow banking system, we should not focus solely on risks which have come to light during the current crisis. We have to be sufficiently flexible to capture future developments as well.