Compare the banking landscape today with that of 10 years ago, and it's hard to miss the changes. Lenders typically hold more capital and are much less reliant on unstable wholesale funding than they were before the crisis. Regulators are generally warier of mounting risks in the financial system -- whether these come from consumer debt or derivatives exchanged over the counter.
Yet the right question to ask is not what's changed, but if these regulatory transformations have been sufficient. In at least three areas -- the right level of bank capital, the use of risk weights, and structural reforms -- many economists fear the financial system remains exceedingly vulnerable to shocks.