Alan Greenspan applauds US financial system

US - The US is blessed with a financial system that is "creative, flexible and innovative", said Alan Greenspan, chairman of the Federal Reserve, in a pre-recorded speech to the American Bankers Association.

Mr Greenspan said that the system was a "seemingly crazy quilt structure", which emphasised cost minimisation, innovation and flexibility, and praised its ability to withstand the terrorist attacks of 11 September. But he made no mention of the outlook for monetary or fiscal policy.

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