As memories of the crisis fade, the next few years may present our last best chance to finish these critical reforms. Failure to do so would risk repeating the mistakes of the past. The pre-crisis system Congress created Fannie Mae in 1938 and Freddie Mac in 1970.
This ambitious project is now reality thanks to the combined effort and cooperation of 21 countries - represented by their central banks, central securities depositories and financial market institutions - together with the European institutions: the ECB, the Parliament and the Commission.