On 3 October, the IMF issued a paper urging comprehensive reform of the global financial system entitled "Shaping the New Financial System." The paper warns that "prompt progress by the international community is needed to reduce the likelihood and impact of other crisis, and to alleviate regulatory uncertainty". The IMF paper identifies five goals as key priorities in their reform agenda:
- ensure level playing field and regulation
- improve the effectiveness of supervison
- develop coherent resolution mechanisms at the national level and for cross-border financial institutions
- establish a comprehensive macro-prudential framework
- cast a wide net.