It is now nearly 9 years since the onset of the global financial crisis in the summer of 2007 and the economic and political effects of it are still being felt. Global economic growth has not returned to its long term trend; unemployment and overcapacity remains high, particularly in the European Union and now markets appear to be entering another volatile period including very large capital outflows from emerging market countries. A central policy question to ask is whether the sum of the global financial repair reforms that have been made since 2007 have indeed reduced, sustainably, global systemic risk and set sound foundations for long term recovery. Or are there still a swathe of unfinished financial and structural reforms putting at risk global financial stability? If so, what are they and what are the possible contagion channels? Should the global regulatory community be confident that its level of comprehension of global financial stocks and flows is now sufficient to manage and anticipate future crises? And have the major financial firms changed their behaviour for the better?