"America used its spare tire to prevent a collapse of the banking system and to stimulate the economy after the subprime market crash. The European Union used its spare tire on its own economic stimulus and then to prevent a run on European banks triggered by the meltdown in Greece. This all better work, because we’re not only living in a world without any more spares but also in a world without distance. Nations are more tightly integrated than ever before. We’re driving bumper to bumper with every other major economy today, so misbehavior or mistakes anywhere can cause a global pileup."
--Thomas L. Friedman
An Assessment of Financial Stability in the United States - An Assessment of Financial Stability in the United States Vice Chairman Stanley Fischer Federal Reserve, June 27, 2017 At the IMF Workshop on Finan...
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