The events following the Lehman Brothers bankruptcy in 2008 provide even starker evidence of the risks that money market funds pose for the broader financial system. In light of these vulnerabilities, I welcome the recent proposed recommendations by the Financial Stability Oversight Council for further money market fund reforms.8 To conclude: Financial globalization undoubtedly brings with it substantial benefits.
At the same time, it creates important challenges for financial stability and for the appropriate design of regulation. The research discussed in conferences such as this one will help us better understand and respond to these challenges. Thank you, and I look forward to your questions.