10 Several financial crises in history have been a result of financial liberalisations or innovations that were neither sufficiently understood nor managed. For example, one of the origins of the present crisis is to be found in the use of certain securitisation techniques, which were implemented in opaque ways.
11 Again, determining the extent to which a fully  4  For a much more wide-ranging interpretation of the financial system as a complex network with influential nodes and analogies to other sciences, like biology, computer science and medicine, see Haldane (2009), “Rethinking the financial network”, speech delivered at the Financial Student Association, Amsterdam, April.