What distinguishes this cycle is its duration, which is leading to a buildup of financial stability risks over time. We study these risks in detail in our Financial System Review, which is published twice a year. The next issue will be released on 10 December. Importantly, the world has changed since 2008.
A key commitment of the G-20 in 2008 was to strengthen the global financial system. That work is very well advanced, and the system is far better capitalized and more resilient today. Furthermore, there have been a variety of macroprudential policy changes that have made the system safer.