Following the financial crisis of 2008, almost no stone was left unturned – at least in the field of banking regulation. But this wave of re-regulation didn’t just focus on banks; rules were put in place to increase consumer protection and regulate the derivatives business, central counterparties and rating agencies.
In many countries these changes were accompanied by institutional changes – new authorities were set up to deal with financial risks, and they were given new powers and instruments to mitigate these risks. Authorities gained a whole new set of tools for macroprudential oversight. The reforms were far-reaching in many countries, and in particular in the major financial centres.