I Have Great, Great Confidence In Our

A Single Agency Responsible For Systemic Risk Would Be Accountable In A Way That No Regulator Was In The Run-up To The 2008 Crisis. With Access To All Necessary Information To Monitor The Markets, This Regulator Would Have A Better Chance Of Identifying And Limiting The Impact Of Future Speculative Bubbles.

The Most Pressing And Significant Problems In The Global Economy Are Unsustainable Structural Issues With Regard To The E.u. - Fiscal Deficits And The Structure Of The E.u. Itself.

In China, Export Lobbies Have Fought For Policies That Favor Their Interests And Limit Foreign Competition.

Even If You Don't Have The Authorities - And Frankly I Didn't Have The Authorities For Anything - If You Take Charge, People Will Follow.

My Preference Is For The Federal Reserve To Be The Systemic Risk Regulator, Because The Responsibility For Identifying And Limiting Potential Problems Is A Natural Complement To Its Role In Monetary Policy.