To mitigate the chances of such a crisis occurring again, supervisors need to redouble their efforts toward promoting greater transparency of risks and early confrontation of potential loss exposures. We should view these efforts as a set of responsibilities for both banks and regulators that are aligned to assure the public and markets that risks can be fully understood and accurately estimated and priced.
For the working group, the greatest challenge ahead might eventually be to bring the whole industry on board in preparing for an orderly transition to more robust benchmarks. Thank you. 2/2  BIS central bankers' speeches