This is the mindset for the pursuit of “financial stability” as the new global prudential norm -our efforts are organized towards preventing another systemic collapse of the financial markets. This is very apparent in the global reform agenda where containing “too-big-to-fail” financial institutions and addressing the consequences of inter-connectedness are prominent objectives. Basel 3 runs under the mantra of “making banks stronger”.
mistaken forecasts of future structure litter our financial landscape.” Indeed, Professor Rosenberg suggests that even after an innovation’s technical feasibility has been clearly established, its ultimate effect on society is often highly unpredictable. He notes at least two sources of this uncertainty. First, the range of applications for a new technology may not be immediately apparent.