INTRODUCTION
It is now more than seven years since the first tremors of the earthquake that was to rock the financial system in 2008.
After the blood of the crisis, years of sweat and toil from authorities across the globe, and not a few tears from the financial sector, the job of agreeing measures to fix the fault lines on which the financial system had been built is now substantially completed.
The financial system today is vastly different from its pre-crisis self. That change didn’t ‘just happen’: it is the intended, positive result of the G20/FSB reform agenda.
The Brisbane G20 Leaders’ summit just completed was a landmark. The prudential requirements and supervisory framework for banks are largely settled. There will be adjustments, if necessary, but from a prudential perspective, banks now know what they need to do. It is now a question of implementation.