We need to find a new path to guide our economies into better territory. Credit, banks, and financial markets – no doubt – will play a key role in that strategy. But growth will not be finance-led – it will be finance-supported. Thank you for your attention.
2  BIS central bankers’ speeches  We have also learned about the effectiveness of various exchange rate interventions, ranging from a variety of capital controls to (so far) apparently “successful” interventions like the Swiss, and “unsuccessful” ones like the Japanese. Fiscal policy can also provide useful stimulus if the recession is deep and/or long.