The distinction between triggers and vulnerabilities is helpful in that it allows us to better understand why the factors that are often cited as touching off the crisis seem disproportionate to the magnitude of the financial and economic reaction. Consider subprime mortgages, on which many popular accounts of the crisis focus.
1/2  BIS central bankers' speeches  It is my sincere hope that all of you, participants, will use the experiences gathered here to assist your respective institutions and countries with the implementation of forward-looking and smart risk-based supervision policies and frameworks.