Following the Asian Financial Crisis, the G-7 Finance Ministers determined to strengthen the supervision of the financial system through the establishment and observance of international standards. This mandate accelerated the work of standard setting bodies, such as the Basle Committee on Banking Supervision, the International Association of Insurance Supervisors, the International Organization of Securities Commissions, and the International Accounting Standards Board, among others. Accordingly, the International Monetary Fund and the World Bank have initiated country-by-country Financial Stability Assessments to evaluate the observance of international standards. The new Basle Capital Accord, Europe’s Solvency II Project, stricter capital requirements, and greater transparency reflect growing harmonization of financial supervision. Is the financial system more stable now, or is the next financial crisis just around the corner?

This symposium examined recent efforts to improve financial stability with experts from diverse perspectives offering candid insights regarding the work that remains to be done. Questions  addressed included: