IMF has published a report identifying the steps it says are still necessary to provide a stable financial system. The report sets out five priorities:

  • ensuring a level playing field in regulation globally, which among other things will minimise regulatory arbitrage;
  • improving the effectiveness of supervision, which should be intensive, intrusive and focus on cross-border exposures;
  • developing national and cross-border resolution mechanisms, starting in countries that house the most cross-border institutions;
  • establishing a comprehensive macro-prudential framework; and
  • casting a wide net so reforms do not focus solely on banks.