The real effects of financial market liberalisation will be envisaged during the second session of our conference. Increasing financial efficiency while maintaining financial stability is not only a major objective but also a challenging task. In order to meet this goal we should carefully design and monitor market organisation and set up appropriate regulatory and supervisory arrangements.
The economic expansion almost surely would not have lasted nearly so long had monetary policy supported an unsustainable acceleration of spending that induced a buildup of inflationary imbalances. The Federal Reserve must not acquiesce in an upcreep in inflation, for acceding to higher inflation would countenance an insidious weakening of our chances for sustaining long-run economic growth.