BIS central bankers’ speeches  3  including tools to mitigate the impact of excessive capital flows following the global financial crisis. However, a number policy and research questions remain either unanswered or not fully answered, including: •  What should be the objectives of a macro prudential policy framework?
Let me highlight the fact that the entire process of development of the theoretical and practical literature on banking regulations and supervision owes its origin to the Basel Capital Accord which was introduced around 20 years ago. We all need to thank this innovation because it has served the banking industry well in the two last decades or so.