The crisis of 2007-08 called for a renewal of banking regulation that took the shape of a shift toward macroprudential policy. However, a comprehensive assessment of the current state of financial regulation reveals that this shift is incomplete. In particular, the notion of risk that lies at the heart of the Basel framework is still blind to extreme events. Climate risk and pandemic risk fall into this category. The purpose of this article is twofold. On the one hand, we point out why current banking regulation is not adequate to face risks whose origin is grounded outside financial markets – as is the case for both the pandemic and the climate risks –; on the other hand, we offer avenues for reforming macroprudential regulation in a way that would allow to take those risks into account.

2007-08 年的危机要求更新银行业监管，以转向宏观审慎政策的形式出现。然而，对当前金融监管状况的综合评估表明，这种转变是不完整的。特别是，处于巴塞尔框架核心的风险概念仍然对极端事件视而不见。气候风险和流行病风险属于这一类。这篇文章的目的是双重的。一方面，我们指出为什么当前的银行监管不足以应对源自金融市场之外的风险——大流行和气候风险都是如此——；另一方面，我们提供了改革宏观审慎监管的途径，以便将这些风险考虑在内。