18 Oct 2011 CNBC

This is a very important short video. Basically what I got from this video is confirmation that central banking is changed forever.

- Big banks should offer liquidity only in their own currency
- If big banks are out there lending and borrowing in all different currencies then a central bank in a crisis has to provide liquidity in more than one currency [Very interesting]
- Monetary policy is too blunt a tool to address financial crises and financial imbalances [Amazing].
- 'Targeted tools' should be used to address financial stability.
- Regulatory tools could dampen the build-up [Which tools exactly?]
- Addressing asset bubbles before they happen. That would make the financial system more resilient.
- The ECB needs separate tools for the crisis and monetary policy [oh my god...he may be right]