It is too early to tell how much difference the sequence of decisions to lower interest rates late last year and in the middle of this year has made to the economy, though we can observe that dwelling prices may have stopped their earlier gentle decline, and business credit has been growing at its fastest pace for three years.
* * * It is a great pleasure for me to open this virtual conference on major trends in financial regulation. Where would we be today if we had not improved the governance framework and policy toolkit in the aftermath of the 2008 financial crisis?