More importantly, the instruments were sometimes not completely and clearly understood by the institutions that we have all looked to for proper interpretation – the rating agencies. The primary lesson of this crisis is that we can no longer rely on other market participants, and we must both individually and on national level invest significantly in financial education.
Game changers can be perceived as opportunities or threats, and both the number and the frequency are likely to increase in the future. No country can afford to have a myopic view and narrow national focus when it considers the game changers in financial market developments. Equally, regulators cannot afford to be left behind and only react to the changes in financial markets.