Speech by Vice Chairman Stanley Fischer on （演讲由副主席Stanley Fischer）.pdfVIP

For release on delivery 4:30 p.m. EDT July 10, 2014 Financial Sector Reform: How Far Are We? Stanley Fischer Vice Chairman Board of Governors of the Federal Reserve System to be delivered as the Martin Feldstein Lecture National Bureau of Economic Research Cambridge, Mass. July 10, 2014 Although the recession in the United States that started in December 2007 ended in June 2009, the impact of the Great Recession, which began when Lehman Brothers filed for bankruptcy on September 15, 2008, continues to be felt in the United States, Europe, and around the world. 1 After the bankruptcy of Lehman Brothers, policymakers, working through the G-20, quickly reached agreement on the macroeconomic policies needed to minimize the damage done by the crisis. For their part, central bankers and supervisors of financial systems, working through the newly established Financial Stability Board (FSB) and the newly enlarged Basel Committee, rapidly developed a program for reform of the financial sector and its supervision. In this lecture I will ask how much has been achieved so far in implementing the ambitious financial sector reform program that was widely agreed at the early stages of the global financial crisis. From among the range of topics in which financial sector reforms have been instituted since 2008, I focus on three: capital and liquidity for banks and other financial institutions, macroprudential supervision, and the problem of too big to fail (TBTF). What Happened? The 2007-09 crisis was both the worst economic crisis and the worst financial crisis since the 1930s. Following the collaps