Only with such knowledge can efforts to spread prosperity more widely become increasingly effective. Sources of financial innovation Where does financial innovation come from? In the United States in recent decades, three particularly important sources of innovation have been financial deregulation, public policies toward credit markets, and broader technological change. I'll talk briefly about each of these sources.
Second, we strongly welcome the intention of the legislator to give central banks of issue a role in the regulatory framework for CCPs, commensurate with their responsibilities. As I have said, this is of crucial importance, considering the fundamental impact CCPs can have on monetary policy.