At the same time, it creates important challenges for financial stability and for the appropriate design of regulation. The research discussed in conferences such as this one will help us better understand and respond to these challenges. Thank you, and I look forward to your questions.
8  See U.S Department of the Treasury (2012), “Financial Stability Oversight Council Releases Proposed Recommendations for Money Market Mutual Fund Reform,” press release, November 13. BIS central bankers’ speeches  3