BIS central bankers’ speeches  7  Since the outbreak of the financial crisis, policy makers have gradually placed more and more emphasis on a macro-prudential approach of financial regulation.
However, the crisis did not remain confined to the financial system. The focus soon turned to government budgets, which in some cases were already in critical condition, and which then threatened to collapse under the weight of the rescue packages. The distress which many countries were then undergoing made the banking sector’s problems even worse.