When we then add to the equation the fact that it is primarily the megabanks whose operations seem inconsistent with the current capital regime, the decision to limit the scope of application appeared even more clear-cut.
The 2007 Decision distracted the attention of the Fund and the international community from real systemic risks, and delayed policy responses. The revision of the operational guidance in May was a small step in the right direction. We call for a timely thorough review of the 2007 Decision in order to avoid a recurrence of past mistakes.