On various occasions in 2006 and 2007, we voiced concerns and warned markets to prepare for the unavoidable correction. You all know what happened. The repricing of risks did indeed occur, although in a much more dramatic way than anticipated. There was virtually nobody who foresaw a financial crisis of such abruptness and swift progression, nor its severity.
2  BIS central bankers’ speeches  The development of the micro-insurance industry will ensure that low income households can live life with dignity especially in times of adversity. Improved access to financial services for low income residents is definitely needed.