Our goals should include not only global financial stability, but also the promotion of free flowing capital directed to its most productive uses throughout the world. That goal will bring about greater financial stability and a more prosperous future for all who choose to participate in the global economy.
Rather than becoming more crisis-prone, the financial system is likely to emerge from this episode healthier and more stable than before. Conclusion I have sought this evening to put recent financial market developments in context and to explain the thinking behind the steps taken by the Federal Reserve. This has been a challenging period.