I strongly believe that a rebalancing of the economy, away from consumption and towards investment and exports, is urgently required if we want to contain rising current account deficits, sustain strong growth, and graduate to a high-income economy.
10 Despite some efforts after the 2008 crisis to enhance Randal K. Quarles, “Themistocles and the Mathematicians: The Role of Stress Testing” (speech at the Federal Reserve Bank of Atlanta, Atlanta, GA (via webcast), February 25, 2021), https://www.federalreserve.gov/newsevents/speech/quarles20210225a.htm; see also Board of Governors of the Federal Reserve System, “Federal Reserve Board announces results from second round of bank stress tests will be released Friday, December 18, at 4:30 p.m. EST,” news release, December 4, 2020, https://www.federalreserve.gov/newsevents/pressreleases/bcreg20201204a.htm.