And no other financial system has combined so effectively the integrity of high-quality regulation with the absence of excessive state interference. By allocating capital to its highest and best uses and by ensuring its availability to the industries of the future, our financial markets have unquestionably been major contributors to America's economic success. Certainly, this is a very special time. For these reasons, we are justifiably confident about the strengths of America's financial industry. But we must not allow our confidence to spill over into a sense of complacency.
Markets are at their most vulnerable when their sense of self-belief is strongest.
That is why we must learn the lessons of previous crises so that we can minimize the likelihood of a recurrence - by working with leading market participants, both in the U.S. and elsewhere, to develop a stronger international financial architecture that will reduce the frequency of crises and lessen their impact when they do occur. The role of key members of the private sector in this effort has been as welcome as it has been constructive. First, the critical importance of financial markets, including derivatives markets, to the broader economy. Second, the lessons that we have drawn from the recent financial disruptions and crises. Third, the role of the public sector and the need for effective self-regulation within our financial markets.