The financial system in 2023 appears to be less stable than it has been since the 2008 global financial crisis, as manifested by the failures of Silicon Valley Bank and Credit Suisse. However, the system should be stable because of all the reforms the regulations over the past decade and a half. What went wrong? While there are many reasons why, an important one is the trilemma of financial policy, we can’t ensure growth, low inflation and financial stability at the same time. In addition, fin
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