We have a large consensus to have much more transparency for financial instruments, for markets and for institutions. We need appropriate rules, standards and codes. And that is valid for all institutions, including the highly leveraged institutions. We must have an efficient and effective fight against procyclicality. We have to improve very significantly risk management in all pertinent institutions.
And last but not least, we have to introduce much more discipline in the macroeconomic policies, and that of course goes for fiscal policies, but also for appropriate discipline to prevent excessive domestic and external imbalances. BIS Review 135/2008  3