Liberalisation and integration into the EU have underpinned the rapid growth of the Maltese financial sector. The number of banks rose from 16 in 2004 to 23 in September this year. During the same period, the total assets of the banking system more than doubled to EUR45.1 billion. Nor was growth restricted to the banking sector. The number of local and foreign-based collective schemes climbed from around 70 in 2004 to nearly 400 today, partly reflecting legislative changes that spurred the formation of professional investor funds. Total assets under management have also increased exponentially to over EUR8 billion. More moderate growth was recorded in the insurance sector, though the captive insurance business is growing fast. These developments in Malta mirrored, to a certain extent, those abroad. Financial liberalisation, deregulation and the expansion of cross-border capital flows have driven the rapid growth of the financial sector globally. Indeed, until the start of the turmoil last year, the global financial system had benefited from a long period of economic expansion, relatively easy monetary conditions and innovation. As a result, the size of the financial industry relative to the economy increased considerably. In the United States it grew to a point where it represented nearly 25 per cent of the stock market capitalization, while financial assets in Britain in 2007 were equivalent to almost nine times the GDP. Such a favourable combination of circumstances could not last.
William C Dudley: "Remarks at the Economic Press Briefing on the Regional Economy" Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Economic Press Briefing on the Regional Economy, Federal Reserve Bank of New York, New York City, 10 August 2017. * * * Good morning, and welcome to the New York Fed’s Regional Economic Press Briefing. Today, we will provide an update on economic conditions in the region, and then discuss the issue of regional wage inequality. As always, what I have to say reflects my own views and not necessarily those of the Federal Open Market Committee or the Federal Reserve System.1  Current Economic Conditions The Federal Reserve has pursued an accommodative monetary policy since the Great Recession to facilitate achieving our dual mandate of maximum sustainable employment and price stability. This policy stance has provided support to the economy and helped lower the unemployment rate from 10 percent at the depths of the Great Recession to 4.3 percent currently. Measures of underemployment have also improved considerably and are near precrisis levels. Stronger labor market conditions are perhaps the best means to improve the economic wellbeing of most Americans, particularly those who have been struggling and are most vulnerable to economic downturns. Improved job opportunities have helped to support household income growth, consumption, and saving, as well as the housing market.