Comment: Mario Draghi, governor of the Bank of Italy
Incoming president of the European Central Bank warns against pressure to water down regulatory reform, in this edited version of a foreward to a new Risk book
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
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