It sometimes feels like yesterday, but it was ten years ago this week that Lehman Brothers collapsed, triggering the most challenging phase of the global financial crisis.
The world has spent much of the last decade preoccupied with the recovery from that crisis and related ones (i.e. the Eurozone crisis). In that time, we've seen some of the most important policy and governance reforms for the global financial system since 1945, with the G20 and the Financial Stability Board leading a charge to make banks safer, make markets more transparent, and make the financial system more resilient to instability.
There's plenty of evidence to suggest that the medicine is working. The capital that banks hold to cushion themselves from shocks has increased dramatically. European bank capital, by some measures, has gone up by nearly two thirds. Thanks to this and countless other reforms, most policymakers now feel that the banking system is better prepared to face risks than it was ten years ago.
But as the crisis recedes further into the past, there is always a risk that the world moves on without having learned all its lessons. One trend we have seen recently is that national governments and financial authorities are becoming increasingly hesitant to apply global regulatory standards as quickly or as precisely as they often did in the years immediately following the crisis - and, make no mistake, there's still a lot left to apply. Increasing international regulatory fragmentation, often driven by deeply-entrenched political factors, can create risks of its own.
So, although much has been done, much is still left to do for the financial sector and the authorities that regulate it, even ten years on from the event that kicked-off all this work.