Finally, in the area of financial-sector supervision and regulation, governments should forge ahead on reform of micro-prudential (individual entities) and macro-prudential (globally and nationally systemic) regulation. The IMF is working with the Financial Stability Board and other organizations to develop new principles and guidelines, including on capital, liquidity, leverage, interconnectedness, systemically important institutions, the “perimeter” of regulation, and the pro-cyclical nature of rules.