Central Banking and Supervision, What Have We Learned Since 2008?

Since the crisis of the fall of 2008, many afflicted nations have tried to rethink and reformulate their financial-sector regulations. As a consequence an assortment of legal structures and institutions have come into being. These include the Dodd-Frank Act, Basel III, the European Banking Authority, the Financial Stability Oversight Council, the Bank Recovery and Resolution Directive, and the Systemic Risk Council, among others. Some long-established agencies, including the U.S. Federal Reserve System, the Commodity Futures Trading Corporation, and the Securities and Exchange Commission, now have new powers. Some regulators, most notably the Office of Thrift Supervision, have been closed.

After six years of bank rescues, stress tests, painful austerity programs, debt foreclosures, and other difficult adjustments, it is time to take stock of where we are. Is the financial system more resilient today than before? What progress has been made on transparency, capitalization, liquidity, industrial concentration, Too Big To Fail, conflicts of interest, mortgage-origination rules, systemic risk, and any other associated conditions or factors that were known to have played a role in the recent near-collapse of the global economy?

What, if anything, still needs to be done?
CIRANO 1130, Sherbrooke Ouest suite 1400
Montréal, QC H3A 2M8
(514) 985-4000


Marcel Boyer
Bell Canada Emeritus Professor of Industrial Economics and Fellow CIRANO (Canada).
Christopher Calabia
Senior Vice President, Federal Reserve Bank of New York
Léon Courville
Adjunct Professor, Department of Applied Economics , HEC Montreal
Pompeo Della Posta
Associate Professor, Economics, University of Pisa
Walter Engert
Senior Director, Research division, OSFI
Cornelius K. Hurley
Director of the Boston University Center for Finance, Law & Policy and Senior Provost Fellow
Professor of the Practice of Banking Law
Magdalena Ignatowski
PhD Student, Goethe University, Frankfurt
Marc Lavoie
Professor of Economics, University of Ottawa (Canada).

Mario Seccareccia
Professor, University of Ottawa
Craig M. Lewis
Madison S. Wigginton Professor of Finance, Owen Graduate School of Management, Vanderbilt University
David Min
Assistant Professor of Law, UC Irvine
Robert Prasch
Professor of Economics, Middlebury College (USA).
Edward C.Smith
Executive Vice President and general auditor, the Federal Reserve Bank of New York and member of the Bank’s Management Committee
Georges Ugeux
Chairman and CEO, Galileo Global Advisors (USA).
Jean Roy
Professeur titulaire, Département de la finance, HEC Montréal
Oren Tapiero
Finance, John Molson School of Business, Concordia University
Thierry Warin
Associate professor of Economics, HEC Montréal (Canada) et Middlebury College (USA).