Thus, we should not be surprised to see a variety of regulatory measures in both agency actions and legislative reform packages. Indeed, building a regulatory system with multiple instruments has advantages, since established  1  My remarks today reflect my own views and not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee.
BIS Review 48/2010  1  regulatory mechanisms each have well-documented shortcomings, and the effectiveness of new ones will necessarily be uncertain. Yet some fear that the result will be an unwieldy system that will contain too many half measures, rather than a few strong regulatory mechanisms.