Good morning. I'm delighted to have this opportunity to speak to you today, even though I am unable to be with you in person. I'd like to share a few thoughts about the important issues that the Financial Markets Conference (FMC) is addressing this year. Many of these issues, of course, are ones the FMC has grappled with every year since the crisis, an event which elevated the importance of this gathering and of the vital contributions made by the research and the policy discussion the FMC fosters. One of those issues is liquidity. Maturity transformation is a central part of the economic function of banks and many ... (full story)