Even within a jurisdiction, it is recognized that all regulators have to deal with systemic risk and there is need for inter regulatory dialogue and vigilance.
At the macro level, Asian countries and Latin American countries have learnt lessons from their own past currency and financial crises and have built up reserves and have strengthened their financial systems apart from consciously developing their financial markets. But they have been careful to ensure that their banks are not involved excessively in toxic assets or innovative transactions.