Three Years Later: Unfinished Business in Financial Reform

In this article, Paul Volcker, one of the principle architects behind the regulatory response and financial reform legislation in the United States, outlines the remaining reforms necessary to complete the structural changes to the US financial system. Specifically, he directs governments and central banks to move to adopt international accounting standards, increase competition among credit rating agencies, and finalize policies to end “too big to fail.” The article stresses that the reform effort is incomplete and structural change is necessary.