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 …

The 2008 financial crisis exposed a longstanding problem in financial regulation: traditional regulatory strategies … growth during economic expansions and insufficient lending during contractions. The procyclicality of U.S. financial … regulation was a key driver of the housing bubble in the mid-2000s and the massive credit crunch that followed. To combat this …