The past one or two years have slowly seen the rise of a change in narrative, as the aftermath of the financial crisis starts to recede from view and a return to normalcy is on the horizon.
In this context, financial supervision starts to enjoy the space to assess its future role. In using this space, it faces an out of the frying pan into the fire metaphor. The post-crisis world is very much the pre-crisis world in terms of the medium and long term risks it faces. Of course, this dynamic also represents an opportunity to strengthen the role of financial markets in protecting the common good,
aligning with and contributing to macro policy objectives.