In conjunction with a new, overall review of the post-crisis regulatory framework on various financial-market sectors, the FSB is seeking views following its own evaluation of implications for infrastructure finance.  The nature of this review – which generally looks broadly at markets, rather than at whether regulated institutions have been pushed out of them – is likely to affect not only the future of infrastructure-related regulation, but also broader changes  – if any – to the global framework. The FSB generally concludes that infrastructure finance has not been adversely affected by new rules due in considerable part to the substitution of banks by non-banks.  Overall supply shortages are attributed to larger factors such as fiscal-policy constraints on national governments (traditionally a major source of infrastructure finance), even though the study methodology otherwise excludes public finance for purposes of its assessment.

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