The annual report for BIS, launched with a speech from its general manager, looks at "the narrow path ahead". It looks at what happened in the lead up to the financial crisis, the financial sector under stress, responses to the crisis and risks and opportunities towards a new "fail-safe" financial system. The speech that accompanies the report stresses that short-term responses to the crisis should not mortgage the future. It criticises the way in which full resolution of problems has been held back, giving examples of the complexity of products, large cross-border operations and delayed recognition of liquidity problems. It calls for a new framework of financial regulation, supervision and oversight, and highlights the G20 initiatives.