'Basel II was a big mistake': Larry Meyer exclusive interview

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As someone who spent more than five years as a member of the Board of Governors of the Federal Reserve System between June 1996 and January 2002, Laurence Meyer is well-qualified to assess the steps taken by the Fed to stabilise the financial system in the recent past, and where US monetary policy is heading next.

On the former, Meyer, who upon leaving the Fed rejoined Washington DC-based consultancy Macroeconomic Advisers, the firm he co-founded as Laurence H. Meyer & Associates in 1982, descri