As regards procyclical behaviour and the shortening of horizons, I see a clear analogy with the area of fiscal policy, where in the absence of appropriate rules there is also a strong incentive for procyclical behaviour, especially during economic booms.
To sum up, a diagnosis of the crisis reveals that governments have played a role in two different ways: first, by pursuing macroeconomic policies which are too expansionary; second, by at least partly neglecting their rule-setting role. The financial sector has abused the loopholes in the regulatory framework. The interdependence among these factors should also be clear.