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 …

benefits of economic specialisation and trade. In many countries around the world, the benefits of modern finance are taken for … far-reaching discussions about a broad range of academic and policy issues on the regulation of financial services …

help policymakers calibrate new regulation, by achieving a reasonable trade-off between financial stability and economic …