Reforms to the world's financial system still fall short of ensuring that big and systemically important banks will not need to be bailed out by governments if they fail, regulators say. Tougher capital rules have helped to reduce taxpayer exposure to future rescues. But the biggest lenders - some with assets bigger than the economies of many countries - remain "too big to fail", a phrase used to describe those that could not be allowed to go under because of the wider impact on global finance. There is significant work still to do, regulators say, despite the efforts made since the 2007 financial crisis and the subsequent bank bailouts. "We are 70 percent of the way through the process of putting those structures in place," Adair Turner, chairman of Britain's Financial Services Authority, told Reuters. "Once we have done that we will hugely reduce the probability that we will have to, in any future crisis, put in any public money," Turner said. Turner says the key step
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