Moreover, while market integrity and appropriate confidentiality are important considerations, the events of the financial crisis have clearly shown that effective systemic risk management demands more, and not less, data disclosure. Concluding remarks I began this talk by describing the events surrounding the banking panic of 1907 and the founding of the Federal Reserve.
A lesson from that episode, as relevant today as it was then, was that financial stability is essential to sustained economic growth and prosperity. Just as the banking panic of 1907 revealed fundamental weaknesses in our financial system, so, too, did the financial crisis of 2007 and 2008.