But they can come at the expense of reduced incentives for  3  C. Kindleberger and R. Aliber (2015) Manias, Panics and Crashes: A History of Financial Crises. Palgrave Macmillan. 7th edition. 4  A. Haldane (2011) Risk off. Speech delivered on 18 August. 5  A. Crockett (2000) Marrying the micro- and macroprudential dimensions of financial stability. BIS Speeches, 21 September.
As regulators consider the appropriate response to the recent bank failures, a renewed focus on the role of tailoring has emerged. From my perspective, there are several important steps we must take. First, we must seriously consider the feedback from a variety of internal and external viewpoints to identify what went wrong.