Comment: Mario Draghi, governor of the Bank of Italy

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One central lesson we have learnt is that the financial system entered the crisis with too little capital, liquidity buffers that were far too small, and a capital and valuation regime with significant pro-cyclical consequences. Buoyant economic conditions and loopholes in regulation led inexorably to imprudent risk-taking in the financial sector. The response of the authorities has been prompt, with emergency interventions followed by a comprehensive roadmap for reforming financial regulatio