The answer is that while the rise in real house prices over that period would have been less than half as large, the impact on overall real credit growth would have been pretty modest, reducing it by only a tenth – hardly enough to have a major bearing on the magnitude of the subsequent bust. Moreover, output would have been some 3 per cent lower. Monetary policy on its own therefore does not seem especially well suited to preventing credit/asset-price booms. So the crisis exposed not only the inadequacy of our understanding of the true nature of the risks that had built up in the financial sector, but also the need for suitable instruments to deal with them. One of the key reforms in the United Kingdom following the crisis has been to establish a body – the Financial Policy Committee (FPC) – with the responsibility for overseeing the stability of the financial system, together with specific powers to achieve that. The FPC will exist on a statutory basis once the Financial Services Act has passed into law, but has been operating on an interim basis since June 2011. The FPC has two objectives. First and foremost, it is charged with identifying, monitoring and taking action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system. But that is accompanied by a secondary goal: subject to protecting resilience, it should support the economic policy of the government, including its objectives for growth and employment.
In today's environment, cultivating a lifelong learning experience is essential to personal and economic success. Lifelong learning involves more than just formal education and training. It encompasses learning throughout the life cycle, at different stages of life and in different learning environments. As individuals, attention to lifelong learning is essential to remain relevant in a highly competitive environment and to enhance our ability to function effectively and in a meaningful way as members of our community. With new knowledge comes innovation, agility and increased productivity that contributes to the overall performance and economic growth process. While it also enables us to adapt to the constantly changing environment, it also increases our capacity to cope with natural emergencies. The challenge then is to embrace the opportunities as they present themselves and to continuously develop new skills and competencies that will be needed to meet current and future demands. The opportunities for learning will be boundless. Technology has also significantly broadened the reach and means for learning, as well as increased learning efficiencies. As you step into this new and exciting world, these possibilities should be fully optimized. In concluding, allow me to offer my congratulations once again to the graduates of the class of 2006. You represent the promise of our nation's future. Indeed, nation building no longer belongs exclusively to the realm of the Government. As professionals, your advancements should not just be confined to those of immediate interest or relevance to you.