The reality is that the Board’s mandate of promoting stability, efficiency and competition requires it to play quite different roles in respect of two quite different sets of players in the  4  BIS central bankers’ speeches  financial system.
One of the main lessons from the financial crisis was that the rules governing the banking system were rather inadequate. We saw excessive risk-taking, insufficient loss absorbing capacity and banks that were “too big to fail” – to name just some of the problems that led to the crisis.