-6Indeed, the fact that the two most recent U.S. recessions stemmed principally from financial imbalances, not high inflation, highlights the importance of closely monitoring financial conditions. Today I see U.S. financial stability vulnerabilities as moderate and broadly in line with their long-run averages. While some asset prices are high by historical standards, I do not see broad signs of excessive borrowing or leverage.
The enhanced access is attributed largely to a significant growth in account penetration and innovations in technology, especially mobile money and agency banking. However, it is time now to shift the focus away from access and towards quality breadth of services. In Kenya, the outcomes of the various initiatives, some of which will be highlighted in this workshop, have been remarkable.