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The symposium covered a great deal of ground. Given the severity of the recent crisis and the need for a massive response, there will continue to be debate for some time. Many of the issues raised are fundamental and still controversial. One can divide the discussion into a number of broad topics. Some of them – such as the future of bank regulation – aim at limiting the occurrence of systemic crisis in the future as well as its consequences; others – for instance the explosion in the size of central bank balance sheets – are amongst the byproducts of the handling of crisis, and may or may not have consequences that would need to be addressed later. The macroeconomic aspects are the most visible and immediate sign of the global banking crisis, with the world having fallen into the deepest recession since the 1930s, and still struggling to recover. The long period of uninterrupted growth backed by the ‘great moderation’ came to an abrupt end in 2008. Massive Keynesiantype fi scal expansion was carried out in response pretty much everywhere, to avoid a recession that would lead to something even worse. In some places, such as the US, the stimulus was illuminated with high media visibility; in others, such as China, the stimulus was introduced relatively quietly. The public emphasis was on ‘shovel ready’ projects, rather than wellplanned overall programmes. Whilst the stimuli were introduced pretty much by consensus at the time, now there is much less certainty as to what needs to be done – and indeed even whether those who pushed the stimulus were right to do so. Should the stimulus be reined in now, or would that jeopardize the still anaemic growth? Perhaps this is one of many areas where one size might not fi t all, and policies that are appropriate in one place may not be appropriate universally. While demandenhancing stimulus was an initial response to the global crisis, as one goes forward and policymakers consider how to encourage sustainable mediumterm growth, there is a particular focus on structural factors. Amongst these are some quite fundamental issues concerning

Foreword: The 2010 Banking Law Symposium on Managing Systemic Risk