Basel Committee's Praet on the crisis

The past year has seen the financial sector undergo unprecedented turmoil and crisis, with regulators being blamed for the shortcomings in regulation and supervision that have been revealed. How surprised are you at the way events have unfolded?

When things started a year ago, I suspected something big was coming and that urgent action would be needed. However my feeling was that this was essentially a liquidity crisis related to the difficulty market participants had in getting a good picture o