Paul Tucker, a deputy governor of the Bank of England, said on Thursday that regardless of what emerges from the debate surrounding regulation and banking structure, it would be insufficient to ward off possible future crises.

In a guarded set of remarks, he also briefly described some macroprudential tools that are likely to come into use. "I am doubtful that the tendency to excess can be curbed solely by addressing the circumstances of individual firms. Booms are spurred by plausible illusions