A Quote by Janet Yellen
The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy.
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The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.
Global central banks are working hard to lift their economies through an aggressively easy monetary policy. The ECB [European Central Bank] and BOJ [Bank of Japan] are buying tens of billions of bonds and other financial securities each month in an effort to stimulate their economies, which is pushing down rates everywhere, including in the U.S.
The lack of monetary discipline has become a hallmark of unfettered globalization. Central banks have failed to provide a stable underpinning to world financial markets and to an increasingly asset-dependent global economy.
New policy tools, which helped the Federal Reserve respond to the financial crisis and Great Recession, are likely to remain useful in dealing with future downturns.
This is the first global crisis that doesn't start in poor countries and it was caused by the rich countries. So it's necessary to take advantage of this crisis - the financial system has to be regulated. It's necessary that the central banks in the world should control a little bit the banks' financing, because they cannot bypass a certain range of leverage. And I believe that there's no other - more any reason for a G-8 group or any other "G." I believe that we should guarantee that the G-20 should be now an important forum to discuss the major economic issues of the world.
In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central banks, as a rule, did not discuss these decisions, let alone their future policy intentions.
There was no blueprint or how-to manual for fixing a global financial meltdown, an auto crisis, two wars and a great recession, all at the same time.
Senator Obama will be taking office at a critical juncture. There are many pressing challenges facing the international community, including the global financial crisis and global warming. We look forward to working closely with President-elect Obama and his team to address these challenges.
There is no question that the recovery from the global recession triggered by the 2008 financial crisis has been unusually lengthy and anemic.
The one instrument that has relative political autonomy is monetary policy. Central banks do not need to go to Congress to get approval for an interest rate hike.
We are privileged that the dollar is the "currency of last resort" and the most important currency in the world. Global commodities are priced in dollars. Central banks in other countries hold great quantities of dollars. The dollar was the safe harbor, the port in the storm during the credit crisis.
I think that sharing information about our economies, the way that the central banks do in Basel and other forums, is quite useful. But it's sharing information. It's not coordinating policy. It's not coordinating a single monetary policy.
There's no doubt that decisions made by the leading central banks do affect the global financial markets and, consequently, our situation.
Jay Harman is the quintessential biomimic, a principled inventor who sees solutions everywhere he looks in the natural world. And he looks deeply, with the soul of a student. He moves with grace from a world of waving sea kelp to the world of sustainable design, bringing nature's wisdom into the board rooms of global companies, to the design tables of the engineers and designers who make our world. This is more than a business book, more than a memoir, more than a new way to solve global challenges. It's a book about a new way to think.
I'm not trying to be diplomatic. I'm trying to be more nuanced and realistic. I think there has to be a serious examination of the shortcomings of the Euro structure. Euro central institutions, whether it be fiscal policy, monetary policy, financial regulation, are simply not as robust as they are in a currency that has a national government behind it.
The financial crisis of 2008 created a seismic shift in the dynamics of trust in financial services. FinTech would have happened without the global financial crisis - but it would have taken much longer.
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