2  BIS Review 87/2008  measures that will serve over time to strengthen the primary dealers, other financial institutions, and the overall financial system.
Furthermore, it is in line with the proposal in the US to assign macro-prudential responsibilities to the Federal Reserve. The ECB has in fact laid the necessary basis for taking on such a task, notably through the preparation of its Financial Stability Reports. Yet it is clear that the warnings contained in these reports were not heeded by the relevant authorities.