Nonetheless, an analysis of lessons to be drawn from these events probably should include more systematic approaches to incorporating liquidity risk in valuation techniques and reserving methodologies. Events also point to areas in which risk management methods could and should be strengthened.
What do we know and what do we still need to know  BIS central bankers’ speeches  3  about the functioning and the effectiveness of our new policy instruments, like e.g. many new macroprudential measures? As the CEEI series concentrates on CESEE, we are particularly interested in the lessons that will have to be drawn for this region.