In that respect, the G20 Leaders endorsed last April the extension of the regulatory net to all systemically important institutions, markets and instruments. These include systemically important hedge funds, credit rating agencies and Over-The-Counter (OTC) derivatives markets. With the aim of preventing regulatory arbitrage, the IMF together with the FSB, have been requested to develop, by autumn, guidelines to assess systemic importance.
Until now I have focused on global initiatives; let me now move to the European level and say a few words on how the macro-prudential approach shall be strengthened in Europe, not the least because this issue is of great interest, and will have a close connection to the ECB.