1/8  BIS - Central bankers' speeches  I see significant parallels with the global financial sector. No longer can one person truly be an expert in its complexities. And such complexities, and the interdependencies they create, pose a real challenge – both in terms of managing and regulating risk.
As 2008 showed all too painfully, this is a critical challenge for regulators – not just to identify the black boxes in the first place but to look into and understand them. In the non-bank sector particularly, where work continues on issues such as channels of propagation and contagion for example, this is very much work in progress.