His intellectual curiosity, and his passion for the living standards agenda rubbed off on many of those he recruited to work on the issues and turn the aspiration to a possibility. That possibility has grown but the journey is not over. Today’s book launch allows us to reflect on what has been achieved and to take stock of what remains to be done.
These operational risks will be on the agenda of this symposium this afternoon. We must not lose sight of these, either. They must be managed just as prudently as cyclical risks. This is demanded by supervisors, and rightly so, to strengthen the resilience of banks. But resilience also requires a sound capital base. Banks proved to have this in the past stress tests.