The GFC started eight years ago. In this keynote address, I will look back with the benefit of the research conducted by financial economists over the last eight years to assess what we now understand about the role of governance, incentives, regulation, and risk management in the collapse of financial institutions in the West. Since the GFC, there have been important changes in the regulation of financial institutions. I will assess whether these changes have helped make the financial system safer, whether these changes are sustainable, and to which extent they have problematic side-effects. I will argue that the regulatory changes in the West should not be emulated by Asia and that regulators should focus on making the financial system a stable engine for growth rather than micro-manage trading activities that were not a cause of the financial crisis. I will then turn to lessons for future research.