Comment: Mario Draghi, governor of the Bank of Italy


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 regulation a

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