Shelter from the storm

Remarks by Mr Agustín Carstens, General Manager of the BIS, at a seminar at the European Stability Mechanism, Luxembourg, 7 December 2018.

Abstract

Getting one's house in order, building a resilient and flexible economy, and reducing vulnerabilities - all these things are of first-order importance. But it would be naive to believe that we can avoid all future crises. And when they do occur, having a shelter from the storm is very important. This speech reviews the achievements and unintended consequences of the policy response to the Global Financial Crisis and the subsequent European debt crisis. It then sketches the challenges authorities might face in the years to come and discusses what can be done to safeguard economic and financial stability.