BIS's Knight on challenges to financial stability

In the speech 'Challenges to financial stability in the current global macroeconomic environment' given on 6 September, Malcolm Knight of the BIS said the global financial system of today is vastly more efficient and resilient to small or moderate shocks than it was 20 years ago, or even a decade ago.

"And keeping the financial system on an even keel no longer requires the direct, non-market interventions from central banks and regulators that seemed to be needed in those far-off days," Knight

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