No risk-management system will ever be flawless, and I emphasize that banks have just begun the process of applying the new quantification techniques. Indeed, quantification techniques require quantities--numbers--to work.
We must do all we can to achieve a close and friendly political and economic partnership between the UK and the EU after Brexit – anything else is in no-one’s interest. With regard to the euro area, it is crucial that we improve the asymmetric institutional design to prevent another euro crisis.