The main thrust of these recommendations has been high on the post-crisis regulatory agenda. Allow me to briefly recount the most relevant features of the ongoing reform of the financial sector at the international level. First, the Financial Stability Board (FSB) is investigating the options for introducing regulations covering the specific risks related to large and complex systemic financial institutions.
Systemic institutions, by definition, entail higher interconnectedness. They increase the complexity and fragility of the system; they end up amplifying the inherent procyclicality of the financial system and lead to the materialisation of systemic risk.