What the official sector lacked previously was the willingness to dig deeper into these concerns, develop timely strategies to mitigate these risks, and track the effectiveness of our responses over time.
For this reason, it is critical that we better pool the analysis and assessments of supervisors and central bankers across the major economies and financial centres and that of the international financial institutions that undertake surveillance of the global financial system. The FSF and the IMF have begun a process to do just this.