The new agenda will require letting go of a number of the simplifications and assumptions that have made our models tractable and delving into literatures related to – but not necessarily considered traditional – monetary economics. But the developments of the past two years have highlighted both the strengths and weaknesses of the previous research agenda.
The Basel Committee has been at the core of this reform agenda, which was crystallised at the G20 Leaders summit last year in Pittsburgh. Last year we also expanded our membership by doubling in size to 27 jurisdictions. We have benefited immensely from this broadened membership, both in terms of wisdom and legitimacy.