After the bonfire of verities

"(...) The list of the assumptions that turned out to be false is lengthy: that the financial system would be self-stabilising, that managers of banks would prove competent, that financial innovation would improve risk management, that low and stable inflation would guarantee economic stability. We have witnessed a bonfire of the verities.
(...) More fundamentally, nobody can be confident that the propensity of the financial system towards huge crises can be halted. Indeed, the longer that success is achieved, the greater will be the complacency and the bigger may be the crisis. Yet the regulators, central banks foremost among them, are doomed to try. The price of past failures is their present increase in responsablity. (...)"

Martin Wolf, hoje no FT.