If we  4  BIS central bankers’ speeches  are all still not talking the same language about the role of the system or the institutions, then we will not collectively get very far. So much work needs to be done yet.
The changes in regulatory perspective I will discuss parallel to those in the evolution of economic thinking in the 20th century, which saw the emergence of macroeconomics as a separate discipline and, subsequently, a movement towards a longer-term horizon in policy making.