After the Great Financial Crash, the central banks and financial regulators of the G20 countries have undertaken a root and branch reform of the architecture of the financial system. The bulk of this reform has now been agreed at international level, and much has been implemented in national jurisdictions. As a result, the ability of global financial institutions to withstand financial shocks has been greatly enhanced. However, there is still some vulnerability in the system stemming from the overvaluation of asset markets that has, ironically, also resulted from central bank actions. Investors should not be confident that financial instability has been “fixed” while many asset markets are characterised by valuations that are far from historical norms.
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