Why has it turned out this way? The answer, I think, is that we are beginning to receive the big dividend that low inflation provides. The economy has gradually adjusted to nearly a decade of low inflation and, although the adjustment is still not complete, the benefits are becoming apparent.
Those of us who have toiled in the vineyard of financial sector regulation know only too well, that like hurricanes, crises will occur from time to time. But we must do our utmost to minimise those risks and we must build resilience. We must be prepared.