This involves a host of tasks: development of indicators of systemic risk, identification of systemically important financial institutions (SIFIs), differential systems for SIFIs by way of capital and liquidity surcharge and enhanced supervision, improving the capacity to resolve SIFIs without recourse to taxpayer money, reducing the probability and impact of a SIFI failure, strengthening the core financial market infrastructure to reduce contagion risks if failure occurs and improving the oversight of SIFIs.
Through these initiatives, we envision stronger banks with a broader geographical presence providing competitively-priced and well-designed products for all market segments, including the previously unserved. With these in place, I am confident that we will continue to see further innovations toward greater financial inclusion.