In a 1996 issue of the Riksbank’s Quarterly Review, a certain Stefan Ingves laid out the management of this episode in detail. Later, as the Chairman of the Basel Committee on Banking Supervision, Stefan would put his knowledge to excellent use and made an invaluable contribution to sounder banking systems. The repercussions of the financial crisis were not limited to regulatory policy, though.
The crisis has reignited the debate of whether central banks should “lean against the wind” and use monetary policy also to prevent the build-up of asset price bubbles. This debate is still ongoing. And as usual, the Riksbank has been at the forefront of it, with regard to both policy invention and implementation. The Riksbank started to tighten monetary policy in 2010.