We simply cannot afford going down this route. BIS central bankers’ speeches  3  5. Reviving individual responsibility  The crisis has opened our eyes to an undue reliance on the market that has sometimes prevailed. Confidence in the financial system will only return if we improve the rules of the game. Yet, regulation can and will never catch everything.
It can only put in place a consistent and reliable framework in which financial transactions take place, and try to prevent market forces from getting out of control. This does not mean simply banning undesired activities and stopping market processes. Statism and dirigism are, by no means, the right path to take. Market participants themselves must do their part to strengthen financial stability.