The global financial crisis highlighted the fact that policymakers have underestimated the importance of systemic risk in the financial sector. Five years later, our understanding of the nature of systemic risk has improved, and macroprudential measures to contain it are being designed and implemented. Overall, these measures aim to increase the resilience of the financial system to adverse shocks and to preventively contain the build-up of systemic risk. Switzerland is well advanced in introducing this kind of macroprudential approach to financial regulation. The implementation of measures to address the «too big to ... (full story)