As a central bank, the Federal Reserve needs to ensure that the payments system of the United States (1) supports economic growth, which can best be done by ensuring open access, (2) manages risk well, (3) is resilient in the face of crisis, and (4) continues to evolve to keep pace with the needs of an evolving economy.
They have been protected by a low level of financial leverage, a business model firmly based on traditional lending and rooted in the relationship with household and business customers, and a prudent regulatory framework and system of supervision. In 2008 the major international financial centres were the scene of the sudden collapse of leading institutions and repeated, large-scale government bail-outs.