But the constant evolution of the financial system and the emergence of new instruments and players also imply that the regulatory framework will never be finalised once and for all. 4. Unresolved questions  Prudent regulation and supervision crucially depend on a sound understanding of the financial system.
In such a context, a global recessionary trend, such as the one we have experienced this year, was unthinkable. Accounting for such immeasurable risk would require a marked change to macroeconomics. It implies moving away from the principle of optimizing agents, to one of agents that would aim to insure against uncertain events.