The airline industry is regulated with a view to simultaneously maximise the benefits to society and keep risk under control, and we see the outcome. The cost of flying is steadily falling while safety gets better every year.
The central banks and regulators need such a risk culture.” 23 For instance, see the comment: “The key challenge is macro risk management" in Tobias Adrian, ‘Policy responses to capital flows’, 11 October 2018. Available at: https://www.imf.org/en/News/Articles/2018/11/15/sp101118-policy-responses-to-capital-flows 24 For an IMF taxonomy of capital flow measures (and other comparable measures), see https://www.imf.org/-/media/Files/Data/2020/update-of-imf-taxonomy-of-capital-flow-managementmeasures.ashx 21  10  century.