1 The role of money markets in the recent and ongoing financial market turmoil The financial turmoil that we have been experiencing since last summer clearly did not originate in the money markets.
We also need to pay attention to the risk of destabilizing the economy, due to a recognition lag. By contrast, we can count more on assured benefits from enhancing the financial infrastructure, as evident from the observation that such efforts are very effective in staving off the aggravation of the current global financial crisis.