The concepts of financial regulation and growth might seem, at first glance, somewhat unrelated. But history shows they are closely associated. The usual process goes as follows: periods of economic overheating tend to please politicians who do not want to ‘spoil the party’ by restricting lending. This leads to excessive debt accumulation and risk-taking, which eventually end up in a financial crisis. At this point, two things happen simultaneously with pro-cyclical consequences:

● Financial