For example, incumbents may have achieved the benefits from a large network of users, referred to as network externalities by economists. Adoption of new technologies may also be slowed if they require considerable amounts of coordination. A technological leader can try to establish the de facto standard.
In my remarks today I thought it would be appropriate and relevant to touch upon the big picture and underline some lessons that we can draw from the crisis relevant to regulation, financial markets and the market infrastructure and reflect on these. We will continue to learn from the lessons as the crisis is still evolving but these are certain topical issues.