In my remarks today, I would like to focus on how we design systems that will prevent the recurrence of financial crisis, and consider this from a broad perspective that is not bound by established concepts and approaches. Obviously, the design of desirable policies and regulations requires a deep understanding of what is behind the crisis.
Therefore, while it may strike many of you as being a bit roundabout, I would like to begin my remarks by reviewing the background to the current crisis and the mechanisms that have exacerbated it. BIS Review 74/2009  1  2.