But to move forward, and I believe it is in our interests to do so, will require us to draw on the qualities that made Theo Waigel a leader. 2  BIS central bankers’ speeches  His focus on the long horizon rather than the demands of the day. His courage in his convictions and his resilience in seeing them through.
It has shaken the foundations of the financial architecture, the credit and equity markets, and the framework of financial regulations, asset valuations, and transfer of risks. And, the practical consequences have meant a loss of confidence and trust in the financial system on a scale that threatens financial stability.