During a visit to the Bank of England on Thursday, the Queen was overheard asking whether a "lax" attitude to financial regulation had contributed to the financial crisis.
After touring the vast vaults of gold bullion that lie beneath the central bank in London, Queen Elizabeth reportedly asked the central bank officials whether the Financial Services Authority (FSA) that was meant to regulate the banking system had not been aggressive enough - "did not have the teeth" - in its response to the crisis.
The committee member, Sujit Kapadia, who was on the tour with a number of officials, told the Queen, according to the BBC, that the crisis had been hard to prevent because the economy was seemingly stable and there was growing complacency.
"People thought markets were efficient, people thought regulation wasn't necessary. Because the economy was stable there was this growing complacency,"he told the Queen, adding that "people didn't realize just how interconnected the system had become."