I would coin the main message of my speech by paraphrasing James Carville: “It’s the resilience, smarty!” – That i.e. resilience should indeed be the critical driver of financial sector polies.
Given the lack of an adequate international regulatory framework, cross-border liquidity runs were more difficult to forestall than domestic liquidity runs.” Other research also showed that banks were most likely to withdraw capital from countries that were geographically more remote from the home market.