As chairman of the Global Economy Meetings of central bank governors, I myself reported my colleagues’ sentiments on this matter. At the same time, several financial stability reports – including from the ECB, the Bank for International Settlements (BIS), the Financial Stability Forum (FSF) and other organisations – analysed vulnerabilities and warned of emerging weaknesses.
2 We knew that a storm was brewing but, admittedly, we did not know exactly where. Neither did we know what would trigger it, or when it would come.