In the end, we have learned that financial markets do not necessarily move to equilibrium. Government intervention is necessary to achieve stability. Macroeconomic policy alone was not sufficient to prevent the crisis, especially in advanced economies.
Regulation should be one element alongside macroeconomic policy instruments: before the crisis systemic risk was not trivial, it was latent, and it turned out to have been extremely costly to have neglected this variable. Price stability is not a sufficient condition to guarantee financial stability; the relationship between monetary and macroprudential policy should be taken into account.