The Greenspan doctrine holds that these developments, on balance, improve the functioning of financial markets and the real economies they support. By allowing institutions to diversify risk, to choose their risk profiles more precisely, and to improve the management of the risks they do take on, they have made institutions more robust.
And I challenge subsequent lecturers in this series to come up with new ideas to help them achieve this goal. Creating the world’s most innovative framework for education and training is not a simple task. But it’s an extraordinarily important one. Because the more innovative we can be in skills development, the more innovative we will be as a nation.