But there is still much ground to cover on the reform agenda. The implementation of new reforms has been uneven across countries worldwide and remains a challenge, especially as the pressure to reform has abated as the crisis has receded further in the past. 11. Financial institutions guilty of delinquency during and after the financial crisis are being pinned down by regulators.
Banks have had to dig deep into their pockets to pay hefty fines for such offences as manipulation of the London interbank offered rate, Libor, rigging foreign exchange markets, and collusion among banks to undermine a government programme as in Hungary. Bank executives, directors, and traders have been fired or jailed. Regulators are becoming unyielding in bringing offenders to justice.