Following the global financial crisis, we have significantly improved the resilience of the financial system, strengthened the capital and liquidity positions of banks and increased our ability to deal with failing lenders.

But all these changes have absorbed and still require very substantial resources in the private sector. This involves not just significant monetary investment, but also leadership time and it competes with other important initiatives to transform the sector at a time when technology is forcing it to change even more rapidly.

Despite all the progress, there remain pockets of vulnerability in the financial system that must be addressed. We need to ensure that we have tools in place to deal with any future financial crises, which undoubtedly will arise. To raise awareness and stimulate discussion while we are still enjoying robust economic growth, the Group of Thirty current and former policymakers recently issued a report looking at how to address the main pressure points.