Frederic S Mishkin: Comfort zones, shmumfort zones Speech by Mr Frederic S Mishkin, Member of the Board of Governors of the US Federal Reserve System, at the Sandridge Lecture of the Virginia Association of Economists and the H Parker Willis Lecture of Washington and Lee University, Lexington, Virginia, 27 March 2008.
In response to the global financial crisis, governments have thus set out to tackle the underlying causes of the kind of financial distress that can seriously harm the economy. Regulations have been amended in order to strengthen the financial system’s capacity to buffer shocks and to promote strong, sustainable, balanced, and inclusive growth. Second, complementary reforms can make the reform agenda fully effective.