As Governor Jalan mentioned, the Regulatory Review Authority is reviewing on a “zero regulation” basis like “zero budgeting”. We welcome specific suggestions indicating that a particular framework of regulation is justifiable or another one is not justifiable. In the context of the future of the financial system, several issues have been raised in the document on universal banking, which had been circulated to you.
Shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research. Source: For overall PCE, core PCE, and real GDP growth, the Bureau of Economic Analysis; for the unemployment rate, Bureau of Labor Statistics; for the federal funds rate, Board of Governors of the Federal Reserve System; all series retrieved from the Federal Reserve Bank of St. Louis, FRED.