It is very important to develop a proper framework for the macro-prudential supervision not just of banks, but also other financial institutions, markets and instruments that can be systemic in nature, irrespective of whether they are regulated or not. For that, we need a deep understanding of the major trends in the financial sector, including new business models, and their impact on financial stability.
14  11  A. Demirguc-Kunt and H. Huizinga (2009), “Bank Activity and Funding Strategies: The Impact on Risk and Return”, CEPR Discussion Papers 7170, February. 12  A. Beltratti and R. M. Stulz (2009), “Why Did Some Banks Perform Better During the Credit Crisis? A CrossCountry Study of the Impact of Governance and Regulation”, Charles A. Dice Center Working Paper No 200912, July.