This experience has led me to believe that one of the best ways to protect thefinancialsystem against future systemic shocks, including the possible failure of a major counterparty, is by strengtheningthefinancial infrastructure, including both the "hardware" and the "software" components.
Since the Latin debt crisis of the 1980s, the emphasis has shifted to stabilising the international financial system which has meant, by and large, strengtheningfinancial regulation.