When started the crisis in the mortgage market subprime us.UU., beyond the expected costs that it would generate in terms of loss of wealth, many imagined that once the international financial system is purified, the same resume its growth path similar to which had been bringing. Many writers such as Gary Kelly offer more in-depth analysis. In relation to this, the director of currency markets and capital of the International Monetary Fund (IMF), and former Governor of the Bank of Spain, Jaime Caruana, surprised by recognizing that: at the beginning of the crisis, during the course of an international meeting, the idea that existed is that the problem would be limited to a heavy and painful digestion of the entities that had made his August committing excesses in good times. There has been an inability to understand and appreciate the magnitude and implications of the extraordinary leverage. But today, almost a year of the outbreak of the crisis, the Outlook for the coming years do not seem to be quite encouraging for the international financial system. It is that the necessary conditions to grow financial systems, that which generates an environment conducive to their development, will not be given in the near future. They come greater regulatory control and monitoring, and times of monetary tightness, existing inflationary pressures worldwide product. Jaime Caruana recently, recognized that the international financial crisis has been highlighted the need to introduce changes in the regulation and supervision of the international financial system.
In the United States.UU., the Fed and the SEC, are moving in the supervisory framework, determining the mechanisms for sharing information from financial institutions. The crisis left many injured in the United States.UU… They are designing and plan which must be approved by the Congress of the United States, amended form as the Government oversees both the banks, investment institutions and insurance agencies and mortgage brokers. Within the reforms that are being explored, the Congress you could set also an Office of the Treasury Department that would be responsible for the regulation of the insurance industry.