As a concluding point, I will offer a few comments on one additional area to which banking institutions must pay particular attention: the regulatory and supervisory structure in which banks operate. Banking is an industry that is subject both to market competition and considerable regulation.
Risks associated with the pre-crisis consensus view  Let me mention two main risks associated with the pre-crisis consensus view. 2.1  Delayed removal of policy accommodation  The first risk is that the implementation of such an approach might favour a policy of “tolerance” and “benign neglect” during the boom phase and a policy of excessive accommodation during the bust phase.