First, there is some danger that reforms and restrictions on financial activity will simply be piled on one another, with insufficient attention to their cumulative or interactive effects.
Reforms must reflect the social and economic desirability of ensuring access to credit on risk-sensible terms for businesses and consumers alike, even as policymakers strive to ensure that methods of credit allocation are consistent with financial stability. Second, the reform process cannot be judged a success until it substantially reduces systemic risk and the too-big-to-fail problem.