Klaas Knot: Rethinking financial stability; evaluating regulatory prime concerns a decade on from the financial crisis

Speech by Mr Klaas Knot, President of the Netherlands Bank, at the Global Risk Regulation Summit, Risk Minds International, Amsterdam, 3 December 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
06 December 2018

Good morning, and also on behalf of the Dutch Central Bank welcome to Amsterdam!

December is the time of year to reflect and the time of year to look ahead. 2018 was a special year, as it marks the tenth anniversary of the onset of the global financial crisis. Many times I have heard: "ten years since the start of the crisis". But so far I have never heard anyone frame it in a more positive way: "It is the tenth year without a new global financial crisis materializing!" But maybe that is only natural, as central bankers and supervisors would never celebrate a crisis that did not happen.

Looking back to the situation ten years ago, we were in the midst of immense financial chaos. Many factors contributed to the crisis, I will not go into them, but years of deregulation and resulting gaps in regulation were definitely part of the story.