Messrs Borio and Lowe argue that central banks need to pay more attention to excessive growth in credit even when inflation is subdued.

ECONOMIST: Yesterday's financial architecture needs refurbishing

As Mr Borio at the Bank for International Settlements points out, many of the ideas around countercyclicality (setting aside more capital in good times) and macroprudential regulation (safeguarding the stability of the whole banking system as well as of individual banks) were oven-ready, having been worked on by a coterie of central bankers, academics and regulators for a number of years.

ECONOMIST: Banks will still make money, just less of it