Preparing for the future  Having described the recent policy response to the crisis, I turn now to the challenges that remain for the future. I will divide my remarks in three parts. First, the immediate challenge is to implement exit strategies from the current extraordinary monetary and fiscal measures.
Second, a longer term challenge is to design and implement financial reform that effectively mitigates systemic risk. Finally, I will discuss some new ideas advanced within this process of reform. 2.1  Immediate challenge: monetary and fiscal exit strategies  First, let me consider the exit strategy from current extraordinary monetary measures.