She said that developing countries needed to respond by beefing up bank supervision, restricting credit to fast-growing areas, imposing capital requirements that changed with the economic cycle and monitoring their foreign exchange exposures.
Enforcing stricter licence application checks, consistent policing, ongoing supervision and monitoring of high-risk credit traders throughout the period of their licence.
The state of Banco CAM in particular has fuelled doubts about the credit quality of other lenders and hurt the Bank of Spain's reputation for tight supervision.
Reform of financial institution supervision, notably lax lending standards and the need for a measured move towards greater transparency in credit and risk management, is being discussed at the meting.