For example, some have enacted changes to ring-fence retail banking activities within banking groups to limit the funding of investment banking activities with deposits backed by government safety nets – Vickers in the United Kingdom and Volcker in the United States. 4  International Monetary Fund, Navigating Monetary Policy Challenges and Managing Risks, Global Financial Stability Report, April 2015.
5  Based on calculations using data from the Bank for International Settlements (BIS) (Consolidated Banking Statistics) and the International Monetary Fund (World GDP, from the World Economic Outlook (WEO) database). 6  C. Borio, “The International Monetary and Financial System: Its Achilles Heel and What to Do about It”, BIS Working Paper No. 456, September 2014.