In the remainder of my remarks, I would like to discuss this more general issue of promoting financial stability, including some of the lessons learned, what the Federal Reserve is already doing, and how we as a society might wish to go about strengthening our financial system for the future.
If you are referring to the decision taken by the Governing Council on 4 February to suspend our waiver for Greek government-related collateral, the intention was exactly the opposite: it was a decision to enforce our rules in a transparent and accountable way, free of political interference. Let me explain.