One of the lessons of history is that we tend to overestimate the impacts of new players and technologies in the short term but underestimate these in the long term. 5 In the light of this observation, we may end up exaggerating the short-term effects of the much-discussed potential game-changers like shadow banks or digitalisation on the financial system and financial stability.
Most often this training was conducted in-house by company personnel, but larger firms also relied importantly on educational institutions. At the same time, we must be alert to the need to improve the skills and earning power of those who appear to be falling behind.