These familiar questions have taken on new significance in light of the post-crisis emphasis on the financial system as a whole, including the varieties of shadow banking. So too the differing circumstances and legal systems of notable financial jurisdictions, which raise anew the question of how much international harmonization is ultimately desirable.
The creation of the FSB, and greater emphasis on international standards in the International Organization of Securities Commissions and the International Association of Insurance Supervisors have substantially changed the relevant international organization chart from the days when only the Basel Committee on Banking Supervision produced such standards.