The exchange rate depreciation https://www.rba.gov.au/speeches/2018/sp-dg-2018-12-06.html  6/13  12/6/2018  Lessons and Questions from the GFC | Speeches | RBA  combined with the fact that the Australian economy could adapt flexibly to the depreciation were beneficial. Fiscal stimulus in Australia in my view was absolutely necessary and was a critical factor behind Australia's good economic outcomes.
I think Tim Geithner has put the spotlight on many of the right questions. It is up to supervisors and those charged with financial stability to try to foster a climate in which the risks are managed in a way which does not quench the competitive inventiveness of markets, but still secures resilience when, inevitably, more difficult times arrive.