CentralBanking.com (CB): How has the thinking on the role of reserves changed since the start of the crisis?
Heli Huhtala (HH): There are two things. Firstly, it's clear that reserves are needed, but perhaps for different purposes and in a different magnitude than thought before. Safeguarding financial stability may require a very large amount of reserves because the banking sector is so big.
On the other hand, during the crisis we have seen that there are many different ways of attaining liqui
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