The Financial System The New Approaches to Economic Challenges (NAEC) initiative was established to distil lessons from the Global Financial Crisis and now the systemic crises sparked by the COVID 19 pandemic. This book publishes short summaries of a diverse range of thinking and proposals from a prestigious series of experts. NAEC invited them to share their expertise with those who wish to learn more about the financial system from those at its heart. They debate the theory and models of the financial system as well as the role of its different component parts such as currency insurance or asset management and how they interact. And they offer advice on how financial policy can contribute to making the financial system more resilient.