Lord Keynes describes the world before the First World War as “economic Eldorado” or “economic Utopia,” where a middle-class Londoner could easily “order by telephone...the various product of the whole earth,” “adventure his wealth...in any quarter of the world,” and “secure...cheap and comfortable means of transit to any country.” Furthermore, this state of affairs was regarded “as normal, certain and permanent, except in the direction of further improvement.” Whenever I read this passage, I am always struck by the power of globalization in bringing about economic prosperity, the ephemeral quality of such achievement in the light of the two World Wars, and the parallel with our experiences leading to the Great Financial Crisis.
The committee’s toolkit also includes recommended actions to be taken by the supervisors concerned. 4. Closing existing information gaps  Successful macroprudential oversight is predicated on the responsible public authorities having all the relevant information they need at all times. This requires, in turn, that all systemically important financial institutions, markets and instruments be subjected to reporting requirements.