The immediate financial sector policy responses to the financial crisis - including emergency liquidity support, expansion of financial safety nets, and interventions in financial institutions - have succeeded in stemming widespread panic. But the effort has generally been insufficient and ad...

The crisis has prompted a shift toward a tighter and more macro-prudential approach to financial regulation. But the reform agenda still needs to address the role of supervisory (rather than regulatory) failures, while the institutional arrangements needed to implement the new framework remain...

In the United States and Europe faulty credit ratings and flawed rating processes are widely perceived as being among the key contributors to the global financial crisis. That has brought them under intense scrutiny and led to proposals for radical reforms. The ongoing debate, while centered in...