The final judgement on what must be done to mitigate unacceptable risks to financial stability and the consumer will remain with Central Bank supervisors. I believe in constructive dialogue and I believe in giving firms the chance to say how the outcomes we seek can be delivered in a better or more efficient way.
A macroprudential reorientation of our bank regulatory policies will require a range of continuing work on resiliency, on other structural measures, and on the effective blending of macroprudential with traditional microprudential regulatory and supervisory policies. But, even as we make more progress in these areas, our efforts will not be complete without measures addressing what I have termed an accelerant of systemic problems.