After all, systemically important is impossible to define.

After all, systemically important is impossible to define.

Some member states favor restricting European supervision to systemically important banks.

So, at least on paper, Greece should not be a systemically important economy.

Perhaps most important is a coherent, consistent approach to dealing with the imminent failure of systemically important institutions.

To this end IMF surveillance should include regular updates on supervisory regimes in systemically important countries.

Indeed, China has arrived at a point where its impact on the global economy is systemically important.

In recent years, the systemically important countries have established an impressive track record of adapting pragmatically and flexibly.

In economic terms, workers' remittances were systemically important, accounting for 1.3 per cent of developing countries' gross domestic product in 2002.

In 2010 2012, by contrast, systemically important European banks were exposed, raising the risk of a domino effect that threatened the entire eurozone.

LONDON Obviously, the global financial crisis of 2008 2009 was partly one of specific, systemically important banks and other financial institutions such as AIG.

Some member states favor restricting European supervision to systemically important banks. But the Commission believes that it should cover all 6,000 banks in the eurozone.

The decisive moment came after Lehman Brothers collapsed, and authorities had to guarantee that no other systemically important financial institution would be allowed to fail.

A second line of action is to strengthen the international institutions soft powers to aim for more consistent economic policies, especially by systemically important economies.

A Greek default would threaten to sink them, too, for it would raise immediate concerns about the solvency of Europe s systemically important banks and insurance companies.

The IMF should also be more proactive and speak with greater candor in systemically important countries, where shortcomings in financial supervision and crisis management have appeared.

That is why it is important to maintain some flexibility, to allow currently unregulated institutions like hedge funds and private equity funds to be swept into the regulatory net if they become large and systemically important.

This trend might well continue until cross border claims become so small that they are no longer systemically important as was true before the introduction of the euro.

The first is to plan retrofitting much more systemically at the metropolitan scale.

Letting AIG fail might have hurt some systemically important institutions, but dealing with that would have been better than to gamble upwards of 150 billion and hope that some of it might stick where it is important.

At this point, the common currency can be saved only if systemically important countries namely, Italy and Spain take concerted action to demonstrate that they are different from Greece.

Indeed, together with the other systemically important economies (the US, the UK, Japan, and the eurozone) China drives trends that, for better or worse, extend far beyond its borders.

Though many Middle East countries remain highly unstable, none of them is systemically important in financial terms, and no conflict so far has seriously shocked global oil and gas supplies.

Nationalization also resolves the too big too fail problem of banks that are systemically important, and that thus need to be rescued by the government at a high cost to taxpayers.

Moreover, the IMF s share in crisis countries total external debt has reached unprecedented and systemically problematic levels.

Third, policymakers are operating in a global economy that is in the midst of major re alignments, as several systemically important emerging economies, led by China, continue to plow through their developmental breakout phase.

What the world is witnessing is a correlated growth slowdown across the advanced countries (with a few exceptions), and across all of the systemically important parts of the global economy, possibly including the emerging economies.

Under the new act, a systemic risk regulator has been established, oversight of the shadow banking sector has been strengthened, and new mechanisms have been created to deal with the failure of systemically important non banks.

The process began in earnest after the failure of Lehman Brothers, when on October 12, 2008, European finance ministers found it necessary to reassure their publics that no other systemically important financial institution would be allowed to fail.

The economic equilibrium we live should be regarded, above all, as a phishing equilibrium, in which small time individual dishonesty can morph into something more systemically important when it is carried on by business organizations under intense competitive pressure.

But it has reached this point at a much lower level of per capita income than any systemically important predecessor. The reason is that China is, by far, the most populous country to have sustained very rapid growth for 30 years.

We hope that the G 20 leaders will think systemically at Cannes, and act nationally and cooperatively to defuse the global credit glut minefield.

Banks balance sheets are systemically dangerous when bloated by leverage, and it is this that regulatory or fiscal policy should address through liquidity buffers and leverage ratios.

I am important. I am important. I am important.

That's important. Why is it important?

Timing is important. Proximity is important.

Third, reducing systemic risks will require determined action to ensure that financial institutions are not too big to fail. The new legislation takes important steps in this direction, calling for additional capital and other charges on firms in proportion to their systemic risks, requiring systemically important firms to prepare living wills so that they can be easily wound up, and introducing a special resolution framework if they do fail.

That's important and it's an important shift.

Some pretty important Some very important people.

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