The risks of making long-term commitments with excessively volatile funding have been amply revealed during the recent crisis. I regard improved regulation as an absolute necessity after the experiences of the last four years. At the same time, we must acknowledge that regulation alone is not enough.
BIS central bankers’ speeches  3  Therefore, what the ongoing reforms really aim for is a change in the culture of banking. Banking must renounce the excessive adventurism of the last decade and develop a stability culture of its own, so that citizens will once more see banking as an engine of solid economic progress rather than a conduit for short-term speculation.