In my view, the most important lesson from the crisis is the recognition of systemic risks and the development of a framework to deal with that. I would touch upon these issues briefly, as there is a full session on systemic risk during the course of your conference. Systemic risk has two dimensions – procyclicality that I have explained a little earlier, and interconnectedness.
* * * It is my pleasure to meet virtually this evening with the members and invited guests of the Foreign Policy Association (FPA).1 I am truly honored to receive the Foreign Policy Association Medal.