In addition, the public finances have also been boosted by the low interest rate environment, especially in view of the high level of sovereign debt (which is owed to foreign investors to a large degree).
An internal CDC Council consisting of senior managers is coordinating contingency planning across the Federal Reserve’s various functions and is fostering a cohesive approach to internal readiness and interaction with the financial community. In general, the banking industry’s focus has also progressed from the renovation of systems to business continuity and contingency planning.