Now, coming closer to our current situation and challenges, Tommaso noted that, while a consensus has emerged about some of the main factors at the roots of the present crisis – such as the growing and persistent current account imbalances, inadequacies in financial regulations and supervision, the systemic risk generated by excessive leverage combined with risky financial products, and so on –, there’s a lack of recognition about the fundamental flaws in the present monetary (non-) arrangements.
Philip N Jefferson: Opportunity and inclusive economic growth Speech by Mr Philip N Jefferson, Member of the Board of Governors of the Federal Reserve System, at the 2022 Institute Research Conference, hosted by the Opportunity and Inclusive Growth Institute, Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota, 17 November 2022. *** Good morning, and thank you. It is a pleasure to be here.