That goes for traditional regulatory policy. It also applies to the independence of central banks and price stability as its primary objective. And it applies to the basic principles of monetary union. These are not all theoretical concepts designed on the drawing board and having no practical relevance, which are past their sell-by date as a result of the crisis.
Quite the opposite: they represent the sum total of a great deal of historical experience, not least of major crises in the past. The regulatory concepts of the post-war era were shaped by the experience of the global economic crisis and the totalitarian command economy.