Rethinking and reforms are both taking place. But we still do not know the final destination, be it for the redefinition of monetary policy, or the contours of financial regulation, or the role of macroprudential tools.

Given the enormous economic and human cost of the recent financial debacle, I strongly believe that we cannot afford to miss this opportunity for substantial reform.

We've slipped well beyond a year and the financial system is still flirting with danger. Durable financial stability has, so far, proven elusive.

The need for careful design of economic policies at the national level, and coordination at the global level, may be as important today as they were at the peak of the crisis two years ago.