The former Chairman of the Fed, Paul Volcker, recently cautioned that “financiers are slipping back into bad habits, chasing chicanery and lobbying to loosen regulation”.13 We should take his remarks seriously. There is a danger that the lessons learned from the crisis could be thrown to the winds as the memory of the crisis fades.
There’s no denying that the financial crisis and its repercussions were bad. But it would be even worse if we learned nothing from it. Thank you for your attention. 1 Deutsche Bundesbank, Makroprudenzielle Instrumente im Versicherungssektor, Finanzstabilitätsbericht 2018,  pp 102–103. 2 C Borio, Macroprudential Frameworks – Experience, Prospects and a Way Forward, BIS speech, June 2018.