As with the mortgage boom, the business debt story begins with rapid growth of debt to new highs and a surge in lending to risky borrowers made possible by aggressive underwriting using securitization vehicles. But there are also important differences. One difference is that financial authorities now closely monitor financial stability vulnerabilities on an ongoing basis, armed with lessons learned from the crisis.
Conclusions  Let me sum up my three simple lessons for dealing with highly uncertain circumstances: first, remain permanently alert and ready to respond to change when it happens; second, always ask the analytical preparation to be as comprehensive and robust as possible; and third, do not forget that in such circumstances collegial wisdom and experience are always of the essence.