The 21st century witnessed major changes in the financial environment surrounding bank regulators and banks. "Banking and Monetary Policies in a Changing Financial Environment" delves into three of these developments and challenges.

The first change in the financial environment relates to the rise in the number and sophistication of financial and economic crimes which shaped the international regulatory architecture. New rules and regulations led to the creation of new strategies to combat these crimes, especially those concerning the spread of more advanced money laundering methods and...