From my earlier comment today on the issue of the international Financial Stability Board issue and international financial stability architecture, raised by Masahiro Kawai and Michael Pomerleano of ADBI, it is clear that little innovation has been seen in the international scene on international financial stability issue.
There is an urgent need to be practical, effective and innovative in policy designs. Many people just fall back to their comfortable zone in developing new policies and recycle what has been there and repackage them a little, that is all.
That will not work, unfortunately.
If the existing convention does not work well, then one has to consider why it has not work well and deal with it not just in the conventional framework that can be very limiting, but also considering in new frameworks.