They say,

Consistent and coordinated implementation of international standards, including Basel II, to prevent the emergence of new risks and regulatory arbitrage, particularly with regard to Central Counterparties for credit derivatives, oversight of credit ratings agencies and hedge funds, and quantitative retention requirements for securitisations.

In other words, having utterly failed in their attempts to regulate their way to a sound financial system, they are going to try again. But they refuse to ask deep questions. Such as:

What is wrong with requiring mortgage borrowers to make a down payment of 10 percent or more? More generally, why continue to encourage Americans to have mortgage debt up to their eyeballs?

What is wrong with old-fashioned lending by banks, without securitization? Why do we want to go to all this trouble to put the Humpty-Dumpty of securitization back together again?

Why do we continue to think in terms of institutions that are too big to fail? Instead, why don’t we think in terms of institutions whose only debt that has government backing is their insured deposits?