However, the crisis also demonstrated that we need suitable international agreements to identify vulnerabilities in the financial system early and combat them effectively. This is particularly important in a world in which the  BIS central bankers’ speeches  1  globalisation of the financial markets and technical progress in data processing mean that markets and market participants are increasingly interconnected.
A key lesson from the crisis is therefore: a macroprudential perspective must be added to microprudential oversight. 3. Objectives of macroprudential oversight  However, the difficulties start with the question of what concrete goal macroprudential oversight should have. As I said earlier, the main intention behind macroprudential oversight is to reduce dangers threatening the financial system as a whole.