Is the global financial system safer?
Abstract
The fi nancial crisis that erupted in
2007 and is still unfolding prompted
a search for reforms that
would make the global fi nancial system
safer. Several initiatives have emerged.
They represent an attempt at addressing
fl aws in the system that rendered it v ulnerable
to a crisis on the scale we have seen.
It is worth asking: what effect have
these measures had so far? Perhaps the
question is premature because many of
the initiatives are in the early stages of
implementation and others are yet to be
implemented. Still, it is useful to take
stock. That would help us understand
how urgent the need for reform is
and what corrections or additions are required
to the reforms undertaken thus
far. The International Monetary Fund’s
(IMF) Global Financial Stability Report
(October 2012) devotes a chapter to such
a stocktaking.
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