We also experienced banks that were caught in a vicious cycle together with their governments due to debt amalgamation. As a consequence, national supervisors were overburdened. Good rules for the financial sector are not enough – they also need to be enforceable under bad circumstances. Rules are worth little if you do not ensure that banks abide by them.
Let me give a special welcome to representatives from the IMF, the World Bank, the BIS, the OECD and the FATF. One thing you could say about the international institutions is that they never allow a good crisis to go to waste.