1. Stanley Fischer Council on Foreign Relations Lessons from Crises, 1985-2014

2. Lessons from Crises • Fiscal policy also matters macroeconomically.

3. Lessons from Crises • Reaching the zero interest lower bound is not the end of expansionary monetary policy.

4. Lessons from Crises • The critical importance of having a strong and robust financial system.

5. Lessons from Crises • The strategy of going fast on bank restructuring and corporate debt restructuring is much better than regulatory forbearance.

6. Lessons from Crises • It is critical to develop now the tools needed to deal with potential future crises without injecting public funds.

7. Lessons from Crises • The need for macroprudential supervision.

8. Lessons from Crises • The best time to deal with moral hazard is in designing the system, not in the midst of a crisis.

9. Lessons from Crises • Don’t overestimate the benefits of waiting for the situation to clarify.

10. Lessons from Crises • Never forget the eternal verities – lessons from the IMF.

11. Lessons from Crises 10.

12. The Wisdom of My Teachers

13. The Wisdom of My Teachers (on econometric models): "I would rather have Bob Solow than an econometric model, but I’d rather have Bob Solow with an econometric model than Bob Solow without one.” Paul Samuelson

14. The Wisdom of My Teachers Herb Stein: • “Yes, but what do we want them to do?” • “The difference between a growth rate of 2% and a growth rate of 3% is 50%.” • “If something cannot go on forever, it will stop.”

15. The Wisdom of My Teachers Michel Camdessus (former Managing Director of the IMF): • “Gentlemen, this is a crisis, and in a crisis you do not panic.” • “We must do our job.” • “Cell phones are for deputy managing directors.” • “You have more information than me, you decide.”

16. The Wisdom of My Teachers George Shultz:

17. Thank you all very much