Two initial evaluations are already underway: the first deals with the effectiveness of reforms that encourage the use of central clearing while the second assesses the impact of G20 reforms on access to financing, which will begin by looking at infrastructure financing before focusing on credit to small and medium-sized enterprises (SMEs). The first evaluation reports are expected to be made public by the end of 2018. 4) The fourth challenge, in order to consolidate the progress we have made, is to ensure that  the new regulatory framework is implemented consistently across the board while remaining vigilant to avoid backtracking. In The Country Doctor, Balzac wrote “...in all things human, is not constancy the highest expression of strength? ", rightly reserving this virtue for the great men of his day. Now, as you know, the new US government has raised the possibility of reviewing their national banking regulations.15 Certain national adjustments could be considered appropriate and justified, as is the case, for example, for regulations that concern entities whose operations are only local in scale, or regulations that are purely American in scope such as the Volcker rule on proprietary trading portfolios. But the same cannot be said for abandoning the minimum requirements agreed internationally that apply to entities operating on a global scale, like the FRTB that I mentioned previously.
Thorsten Beck, Tao Chen, Chen Lin and Frank M. Song (2016), “Financial innovation: the Bright and the Dark Sides”, Journal of Banking and Finance, 72, pp. 28– 51. 3 See, notably, Ross Levine, Norman Loayza, Thorsten Beck, “Financial intermediation and growth: Causality and  cause”, Journal of Monetary Economics, Volume 46, Issue 1, August 2000, pp. 31–77 and Thorsten Beck, Ross Levine, Norman Loayza, Finance and the sources of growth, Journal of Financial Economics, Volume 58, Issues 1-2, 2000, Pages 261–300. 4 Carmen Reinhart and Kenneth S. Rogoff, “The aftermath of financial crises”, American Economic Review 99,  No. 2, 2009, pp. 466–472. Moritz Schularick and Alan M. Taylor (2012), “Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870–2008”, American Economic Review, 102 (2): pp. 1029– 1061. Thomas Philippon and Ariell Reshef (2013), “An International Look at Growth of Modern Finance”, Journal of economic perspectives, 27, pp. 73–96. Stephen Cecchetti and Enisse Kharroubi (2015), “Why does financial sector growth crowd out real economic growth”, BIS working papers, 490. 5 Jack Guttentag and Richard Herring, “Disaster myopia in international banking", Essays in International  Finance, No. 164, 1986. 6 See notably Jean-Louis Arcand, Enrico Berkes and Ugo Panizza, “Too Much Finance? ", Journal of Economic  Growth 20, 2015, p. 105–148. 7 Private non-financial sector debt as share of GDP, Q1 2017. Sources: Eurostat data, Federal Reserve, Banque  de France calculations. 8 Luc Laeven and Fabian Valencia, “Systemic banking crises database", IMF Economic Review, Vol.61, No.