As to macroprudential policies, the recent crisis has strikingly illustrated the interconnectedness that characterizes the financial system. This has reaffirmed the need to strengthen macroprudential policies, i.e. the focus on the systemic nature of risks and their mitigation to reduce the chances on such a crisis from happening again need.
Finally, let us not forget the importance of self set standards and rules by the financial markets themselves. Importantly, the financial industry must be aware of their own responsibility and need to draw the right lessons from the crisis for future practises. Thank you for your attention. BIS Review 166/2009  3  4  BIS Review 166/2009  BIS Review 166/2009  5