In my view, the speed and success of a new financial architecture is likely to be more consequential to economic growth than the design and implementation of well-intended housing policies alone. The establishment of a new financial architecture, thus, is the essential policy response to the greatest economic challenge of our time.
Financial institution response in pursuit of survival and success In a speech about seven months ago, I noted that the transformation of financial institutions would be among the key variables that would affect the path of the real economy, but "the changing paradigm of financial intermediation" is happening even more abruptly.