Policymakers should continue pushing to make financial markets more resilient as they still showed signs of fragility, Financial Stability Board Chairman Mario Draghi said on Saturday.
Some regulators have expressed concern there could be a temptation to ease efforts to beef up rules as signs of economic recovery start to appear.
Banks are also showing signs of returning to aggressive hiring and big bonuses.
I don't think we are losing momentum... It's not time for pausing, Draghi told a news conference after the FSB's inaugural meeting.
Policymakers also needed to plan their strategy to reverse measures taken to ease the pain of recession, such as huge liquidity injections and public stakes in banks, although it was not the time yet to implement them.
Exit strategies ought to be credible. To be credible you have to have both the banking system repaired before you start to tighten monetary policy and you want the economy showing convincing signs of a sustained recovery, Draghi said.
The FSB was set up by the G20 group of industrialized and emerging market countries in April to ensure a consistent, global response to applying regulatory lessons learnt from the credit crunch.
We hope that regulation... should not become a reason for renationalisation of capital markets, said Draghi, who is also a governing council member of the European Central Bank and governor of the Bank of Italy.
A lot has been done to reassure markets that we would not view any systemic failure of the sort we saw with Lehman repeat itself, Draghi said.
The investment bank was allowed to collapse last September, sparking a near meltdown in financial markets.
(Reporting by Huw Jones and Tamora Vidaillet; editing by Sue Thomas)