There are many lessons that one should draw from the current crisis but one especially stands out for its general and all-encompassing character. In the future we will all be much more alert to the systemic implications of both market developments and of our own decisions, and this will have profound implications in many different ways.
For one thing, financial innovation will not simply be welcomed for its narrow, specific benefits, as has been the case in the past, but it will be carefully scrutinized for its potential systemic risks. This  2  BIS Review 160/2008  may well dampen the growth of the financial service industry, while enhancing its survival in the long term.