We also more extensively monitor the financial system as a whole and, in cooperation with other agencies, have put in place stronger oversight of systemically important financial firms, including higher capital and liquidity requirements, tougher supervision, and a process for the orderly resolution of failed firms.
We have also had to be innovative in finding ways to use monetary policy to help the economy recover from the deep recession that followed the crisis. Providing adequate monetary accommodation has not been a straightforward task because our principal monetary policy tool, the target for the federal funds rate, has been stuck near zero since the end of 2008.