Resolution procedures and bankruptcy arrangements also need to be harmonised better across markets. Strengthening the system From the start of the current crisis, it has been clear that short-term measures to address liquidity and solvency have had to be complemented by actions to strengthen the system in the longer term.
Just as there are critical externalities in short-term response measures that call for international coordination, these longer term actions have needed to address the cross-border effects of regulatory policies in order to assure the maintenance of a level playing field.