The sources and the propagation of the financial crisis highlighted the need for putting in place robust policy infrastructures to safeguard financial stability and for macro-prudential policies to address systemic risk.
In this light, new institutions have been put in place, such as the European System of Financial Supervision and the Financial Stability Oversight Council in the United States, and regulatory reforms are taking shape, notably Basel III and a host of other initiatives under the leadership of the Financial Stability Board.