But what about financial markets themselves? How can we redesign the financial market architecture in such a way as to reduce the likelihood and cost of future financial crises? Even the most fervent champions of unregulated financial markets have been forced to recognise that there is a need for appropriate rules.
Ben S Bernanke: The influence of Milton Friedman’s monetary framework on contemporary monetary theory and practice Remarks by Mr Ben S Bernanke, Member of the Board of Governors of the US Federal Reserve System, at the Federal Reserve Bank of Dallas Conference on the Legacy of Milton and Rose Friedman’s Free to Choose, Dallas, Texas, 24 October 2003.