Though some of the phenomena underlying the origins and depth of the financial crisis were either new or located in new instruments and markets, most of the issues that were raised during this episode can be traced back to the first financial crisis of the world.
In the following lines, we develop the argument that even though financial stability concerns are as old as financial systems, and despite some of the main lessons of the recent crisis look pretty much alike the lessons of several financial episodes of the past (to which many jurisdictions have already reacted), there are good reasons to heighten our concern with financial stability.