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.
The monetary policy paradigm and the framework of monetary union grew out of the adverse experience gained from inflation and politically dependent central banks. BIS central bankers’ speeches  1  The current crisis has not made regulatory policy obsolete, nor has it removed the ground from under the principles of monetary policy and monetary union.