Conclusions  [Slide 9] Let me conclude. A better understanding of systemic risks – to which this Conference also contributes – can help policy-makers in designing better regulation and in conducting timely and effective macroprudential policy more generally. With regard to the more static form of regulatory rules, research could guide regulators to find a right balance between simplicity and comprehensiveness.
Fostered by a lowering of trade barriers, cross-border exchange of goods and services over the past half century has increased far faster than world gross domestic product. But what is even more remarkable is how large the scale of cross-border finance has become, relative to the value of the trade that it finances.