In my view, the basic agendas in these areas are, to different degrees, well developed, although a great deal of implementation remains. In contrast, I will argue that thinking about financial stability in the context of credit markets is less advanced and presents difficult challenges for supervisors.
I will consider a range of factors that may address those challenges, illustrated with a discussion of recent developments in the syndicated leveraged loan market. And I will argue that the standard for regulatory intervention in the credit markets should be higher than for the other three areas.