“The impact of the U.S. financial crisis on global retail lending.” Duke University working paper. BIS Review 19/2010  3  Given this picture, it is clear that the challenge of the day is how to strengthen financial stability without reducing long-term growth. The current academic and policy debate has already given us some guidance as to which measures could serve this purpose best.
Tomorrow the conference concludes with two interesting policy panels on the effect of regulations on monetary policy and the “optimal design” of monetary policy in the post-crisis world.