I will conclude with a short reference to the new role of central banks in macroprudential supervision. Let me first say a few words to explain how the crisis has affected the macroeconomic and financial environment in which banks operate. II.
Towards a new economic and financial paradigm: the “new normal”  In the aftermath of the crisis, it is very likely that many fundamental elements of our economies and financial systems work differently than in the past in a number of aspects, reflecting processes of adjustment in the behaviour of agents and policy-related reforms that are currently under way.