The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy
The fate of what was a little-known bank outside the tech world until last week is now of major policy concern this weekend, and not just in the US.
In a narrow sense, it demonstrates that even seemingly small banks can pose systemic risks. In a broader sense, it illustrates the inherent trilemma of the ongoing monetary policy regime change. Namely, the challenge for the Federal Reserve to simultaneously deliver on both its 2 per cent inflation target and the employment part of its dual mandate while ensuring financial system stability.
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