There have been from time to time episodes of hesitations and reversal, such abandoning the idea of identifying globally systemic non-bank intermediaries (in my view an ill-advised move), some timidity in prescribing ex-ante liquidity rules, and now perhaps a sense that all that needed to be done has been done.
The risks, however, are too new, too complex and too little understood for any complacency. Continued evaluation of the effectiveness of the available tools in a macro perspective, and increased coverage, as well as improved analytics, of systemic resilience testing, should in my view be actively pursued.