The great financial crisis : lessons for financial and monetary policy : an ECB colloquium held in honour of Lucas Papademos

The subject of this colloquium - "the great financial crisis" - could be no other since Lucas Papademos' tenure will be remembered for the immense challenges for financial stability and monetary policy that have arisen since the trigger of the subprime crisis in 2007.Lucas played a key role at both the global and European levels in tackling these challenges. He was among those who were prescient about the considerable build-up of risks in the years before the crisis. He placed significant efforts in developing and adapting financial stability analysis to the fundamental and far-reaching changes in the financial system we have witnessed in the past decade, particularly as a result of increasing financial integration and innovation. When the crisis unfolded, Lucas was one of the foremost policy-makers in devising the actions required to stabilise the financial system. He also played a substantial part in setting the ground for regulatory reform, namely through his participation in the Financial Stability Forum, later Board, and in several European and Eurosystem fora, a number of which he chaired himself.