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The macro-prudential actions of the FPC will not always be popular. But financial policy is not a popularity contest, for that way lies the time-consistency dilemma, the myopia trap. Partypooping accusations have come thick and fast through this crisis, some faster and thicker than others. Yet, though uncomfortable, these are a sign of the new system working, not failing. They are indications of the patient part of the brain regaining some control, of those attention deficits starting to narrow. A number of other countries have also now embarked on a macro-prudential mission, in both advanced and emerging countries, often in response to crisis. The Financial Stability Board has recently set out some design principles for these macro-prudential regimes.5 Interestingly, not all of these regimes have central banks at the helm (IMF (2011)). In a recent study, the IMF found that macro-prudential regimes which gave central banks an important role were associated with more timely use of macro-prudential instruments (Lim et al. (2013)). That underscores the importance of an appropriate institutional solution to the myopia trap. The institutional framework for macro-prudential policy may have further to travel internationally if this trap is to be avoided in future. Conclusion In The Rock, T S Eliot wrote: “Where is the wisdom we have lost in knowledge? Where is the knowledge we have lost in information?” Today’s information-rich world may have come at the expense of knowledge and wisdom, including about the fat-tailed risks which may threaten social, economic and financial systems in the future.