Stefan Ingves: Necessary reforms for a more stable financial sector

Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank and Chairman of the Basel Committee on Banking Supervision, at the Swedish Bankers' Association bank meeting, Stockholm, 10 November 2016.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Accompanying charts.

Crises are expensive and should be avoided

When financial crises afflict us it becomes obvious to all how much damage they cause. Unfortunately, this insight is often temporary, as it is easy - even a human survival instinct - to forget problems and leave them behind us. As a representative of the Basel Committee I therefore see it as an important task to remind you of how costly financial crises are to the national economy and how important it is that we have robust regulatory frameworks that reduce both the cost of crises and the probability that they will occur.