10 Several financial crises in history have been a result of financial liberalisations or innovations that were neither sufficiently understood nor managed. For example, one of the origins of the present crisis is to be found in the use of certain securitisation techniques, which were implemented in opaque ways.
While we can never rule out another regional financial crisis we can certainly be more prepared than we were, when it happens again. Let me end where I started with reference to the movement – Occupy Wall Street – I think there is a message there for us (and I think that public reaction to the Clico crisis underscores this message).