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"Consider the insights gained during this crisis. "
Consider the insights gained during this crisis.
First, supervision has to focus on containing systemic risk rather than on avoiding individual bank defaults.
Second, early warning signals need to be backed up by reliable information on all financial markets, including derivatives.
Both aspects have been neglected in the past and continue to be neglected today.
Otmar Issing and Jan Krahnen, Financial Times, February 18 2009
The authors are members of the expert commission advising the German government on issues relating to financial crisis prevention.
Their latest report, New Financial Order: Recommendations by the Issing Commission, appeared in early February
It was the 1988 Basel Accord that first created the opportunity for regulatory arbitrage
whereby banks could shunt loans off the balance sheet.
John Plender, FT November 6 2007
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