BIS central bankers’ speeches  1  The financial crisis has provided two main lessons for policy-makers: first, complexity is not a justification for a light-touch approach to regulation and supervision, quite the contrary; second, financial stability is a precondition for price stability.
Two implications, then, have followed suit: on the one hand, a deep and far-reaching reform in financial regulation and supervision was needed (including tighter international cooperation), on the other hand, central banks had to rethink their role and the tools of their trade, specifically concerning the relationship between monetary and macroprudential policies.