To resolve these problems, we need to go beyond mere resilience and openly discuss new remedies such as asymmetric reaction functions, makeup strategies, structural policies to raise the equilibrium real rate, r*, and measures to foster a true capital markets union.
In the following, I will intentionally not focus on further ramifications for prices, expectations, monetary or fiscal policy, as the conference features two excellent academic sessions and one policy session related to this topic tomorrow. Instead, and to provide a little teaser for the discussion on the high-level policy panel this afternoon, I will concentrate on financial stability policies and financial regulation.