In reviewing policies and systems, including financial regulation and supervision, it is very important that each jurisdiction strives to find an answer that best fits its own financial and economic structures. 3  See Masaaki Shirakawa, “Way Out of Economic and Financial Crisis: Lessons and Policy Actions”, speech at Japan Society in New York (April 2009) for discussion on the so-called “lost decade”.
BIS Review 165/2009  3  5. Towards better financial regulation and supervision  Vigorous discussions are currently being held in a variety of international forums, including the Financial Stability Board and the Basel Committee, with a view to reforming the framework of financial regulation and supervision.