Stefan Ingves, the governor of the Sveriges Riksbank, highlighted common features underpinning almost every financial crisis in a speech today (November 20), lamenting the world's inability to learn from them.

Ingves, delivering an OMFIF Golden Series lecture, addressed the policy of some central banks to provide unlimited liquidity to their economies. He said this has come in many different forms, as people have use different words and even created new vocabularies to express the same principle