While this should be the norm, flexibility should be preserved to address emergency situations. By limiting policy options on the usage of public funds, regulators may have ended up exacerbating risks in the event of a systemic crisis. Jeopardizing financial stability will result in output losses and damaging consequences to the overall economy.
*  *  Introduction  Ladies and Gentlemen Thank you very much for inviting me to the CDU Economic Council’s Europe Symposium. I am delighted to be here and to have the opportunity to talk to you.