SYDNEY: Australian central bank No. 2 official Guy Debelle, who stood at the crucible of the 2008 crisis, worries that history can repeat when it comes to reckless financial behaviour because it’s human nature to forget.
Debelle, who as head of financial markets was the Reserve Bank’s pointman to respond to the seizing up of global credit, told Australian Broadcasting Corp that the next crisis is likely to be different. But he also cited the example of the Great Depression as a seminal event that led to decades of financial regulation that was then largely unwound.