So this morning I would like to do some stocktaking: to review briefly the vulnerabilities in the financial system that contributed to the crisis and compel regulatory response, to outline some key reforms adopted to date, and to identify important tasks that remain. The origins of the crisis This is certainly not the occasion for an extended discussion of the origins of the crisis.
In September 2009, at the G-20 Leaders’ Summit in Pittsburgh, a pledge was made, I quote, t“o support the safe and sound spread of new modes of financial service delivery capable of reaching the poor”. Unquote. The pledge also called on financial standard-setters to promote successful regulatory and policy approaches and elaborate standards on financial access.