I think it is more crucial than ever for small nations—emerging nations and advanced economies alike—to work closer together and make sure that our voices from the periphery are heard and that we make progress on macroeconomic policy frameworks fit for the new global environment. Thank you very much for your kind attention. 6
Under the living will process today, firms must approach their bankruptcy using tools geared toward corporate restructuring. Any changes to the regimes under which financial institutions can and will fail should be carefully considered before enactment, particularly to the extent they retain, or not, a credible source of liquidity going forward. This isn’t abstract financial theory. This concerns the ability of people on Main Street—employees, retirees, small business owners—to persevere in times of severe financial stress. Returning to the human element of the crisis, these are the same people who suffered during the Great Recession and who expect us all to do better during the next period of stress. 1 Lisa Kraidin and Ben Snodgrass assisted in the preparation of these remarks. 2 See Mariacristina De Nardi et al., Consumption and the Great Recession, Economic Perspectives, 1st Quarter  2012, at 1, 1. 3 See Jesse Bricker et al., Changes in U.S. Family Finances from 2013 to 2016: Evidence from the Survey of  Consumer Finances, Federal Reserve Bulletin, Sept. 2017, at 1, 10. 4 See Thomas C. Baxter, Jr. & David Gross, The Federal Reserve’s Response to the Crisis, i n International  Monetary and Financial Law: The Global Crisis 293, 298–99 (Mario Giovanoli & Diego Devos eds., 2010). Use of 13(3) had been authorized during the 1960s, but no loans were made. See id. 5 These facilities included, among others, the PDCF (the Primary Dealer Credit Facility), the TALF (the Term  Asset-Backed Securities Loan Facility), and the CPFF (the Commercial Paper Funding Facility).