Conclusion We have lived through various bouts of financial market volatility before and doubtless these will recur from time to time. To some extent, this is inevitable. But we can limit the damage from these mood swings by keeping a strong focus on improving growth fundamentals. It is surely time that policies beyond central bank actions did more in this regard.
Our inability, so far, durably to lift growth prospects is arguably the biggest vulnerability the global financial system faces today. This needs to be our focus. 6  BIS central bankers’ speeches