[4]  Melville LG (1936), ‘Statement’ in  In Reserve: Central Banking in Australia, 1945–75, Allen & Unwin, Sydney, p 63. Royal Commission to inquire into the Monetary and Banking Systems at Present in Operation in Australia, Minutes of Evidence, vol. 2, Commonwealth Government Printer, Canberra, p 1117. [5]  Cornish S (2002), ‘Leslie Galfreid Melville 1902–2002’, 478 at 473.
Lesson number 4: Every good party needs a strong bouncer In financial markets, the bouncers are the supervisors. Looking at previous issues of the IMF’s Global Financial Stability Report, the BIS Quarterly Reports, and various individual central banks’ Financial Stability Reports, it is evident that many of the causes of the financial crisis had been noted, but that they had not been acted upon.