On the subject of the lessons to be learnt from the financial crisis, there are remarkable differences in perception between representatives of the financial industry and the general public: while the prevailing impression among the public is that next to nothing has happened, industry representatives are already complaining of an excess of regulation. There has even been talk of a “tsunami of regulation”.
In my opinion, neither is true. Regulation has been materially tightened in numerous instances, but there can be no question of overregulation. Nor have all points on the regulatory agenda been put into practice.