As business leaders, all of you here are grappling with the effects of these multiple crises in one form or another – be it the burden of supply chain disruptions, high energy prices, or general uncertainty about the economic outlook. So how can we navigate through these uncertain times? How can we lead others when the path ahead is so obscured?
5  Laying the groundwork – cooperation and harmonisation  Ladies and gentlemen, I have briefly discussed the too-big-to-fail problem, the shadow banking system and the market for OTC derivatives. Each of these issues highlights the need for international cooperation. If we do not coordinate our approaches towards regulation we will create a fragmented financial system.