Lekcje z kryzysu fi nansowego
Lessons from the fi nancial crisis

Summary/Abstract: Th e aim of this paper is to identify challenges faced by the fi nancial safety net and to verify whether, as a result of the fi nancial crisis, there is a signifi cant paradigm shift of fi nancial stability. To do so, the author uses a comparative method and literature review. Th e paper presents changes in the fi nancial system, fi nancial stability, regulation and supervision before and after the crisis. One can observe a dynamic increase in the size of the fi nancial system, the emergence of SIFIs, excessive leverage, and the rise of shadow banking. Th e importance of financial stability increased as an objective of economic policy (introduction of macroprudential policy). In regulation and supervision, there are important attempts to bridge the gaps and to strengthen the role of central banks in safeguarding fi nancial stability.

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