Norway's Gjedrem on financial stability

In a speech on 'The macroprudential approach to financial stability' given on 12 May, Svein Gjedrem of Norges Bank said there has been substantial development in the way we think about financial stability.

"At the same time, the financial system in itself has changed. Its instruments have become more numerous and more sophisticated. Positive welfare effects are gained because of greater efficiency and more opportunities in the market. The flip side of the coin is that increased complexity makes

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