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By Gerald Corrigan
Published: December 9 2009 16:09 | Last updated: December 9 2009 16:09
In the US, as elsewhere, financial reform efforts are gaining momentum. These have many parts. But the most important initiative is the drive to cope with the related problems of "moral hazard" and "too big to fail."
Achieving that will require a more rigorous framework of consolidated prudential supervision of large and complex financial institutions and the creation of a well designed system of enhanced resolution authority aimed at the orderly wind-down of troubled large and complex institutions.
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