regulation did not take the "big picture" of the system suffciently into account and, subsequently, financial supervision mainly … "missed the forest for the trees". As a result, the need for macroprudential aspects of regulation emerged, which has recently … macroprudential regulation in creating stable, yet effcient financial systems. At the same time, I emphasize the importance of …

microprudential approach is one in which regulation is partial-equilibrium in its conception, and aimed at preventing the costly … among both academics and policymakers that financial regulation needs to move in a macroprudential direction. According to … appropriate "field of vision" should be. Under our current system of safety-and-soundness regulation, supervisors often focus on …

supervision and regulation in the European Union. Undoubtedly these are important reforms, particularly - but not only - against …