Getting systemic risk regulation right: an agenda for the US

In recent months the issue how to ensure better regulation of systemic risk has taken centre-stage in the debate about the reform of the financial system. The crisis has forcefully underscored the dangers of systemic risk - the threat posed to the orderly functioning of the financial system from the failure of one or more financial institutions simultaneously or in close time proximity. The inability of a large financial institution to pay its creditors - or even just fears over its ability to d