In such a world, it would be imprudent to rule out sharp movements in asset prices and a deterioration in market liquidity that would test the resiliency of market infrastructure and financial institutions. While these factors have stimulated interest in both crisis deterrence and crisis management, the development of financial markets has also increased the resiliency of the financial system.
I, like many in this room, owe Stan Fischer a great debt. I was the last graduate student that he supervised. You could argue that I drove him out of academia into policymaking!