are indeed achieving their objectives. we are moving to a world in which g - sibs can be global in life and orderly in death. we think that we are getting closer to a solution to the problem framed by mervyn king. we have an internationally coordinated response grounded in national law. by pre - positioning loss - absorbing resources in life, and planning for an orderly resolution in the event of failure, we can provide the policymakers who come after us with more options than they had in the great financial crisis if they are faced with future systemic financial stress. 3 / 4 bis central bankers'speeches there is, of course, more to do. the benefits of reforms cannot be realized unless they are operationalized. all fsb jurisdictions need to implement resolution reforms and to improve their resolution capabilities so they are fully prepared to respond to a bank failure or a crisis. the fsb ’ s evaluation shows that systemically important banks remain very complex, highlighting the importance of resolution planning. the evaluation also highlights gaps in the information available to public authorities and to the fsb and standard setters, which reduces their ability to monitor and evaluate the effectiveness of resolution regimes. the fsb continues its work to ensure that banks, other financial institutions and market infrastructures can be effectively and safely resolved. these are issues on which we will need to reflect and work further. the financial landscape is also changing, and the fsb needs to be responsive. the fsb ’ s monitoring shows that the share of bank assets as a percentage of total financial assets has dropped from 46 percent in 2008 to 39 percent in 2018. as non - bank financial institutions increase their market share, risks have moved outside the banking system. the market turmoil in march underlines the need to better understand the risks in non - bank financial intermediation and reap the benefits of this dynamic part of the financial system without undermining financial stability. there may be lessons for us to learn about the framework that we need to apply to this sector, which is different from — and less developed than — the one used for banks. at the fsb, we established earlier this year a balanced working group of bank and nonbank authorities to look closely and concretely at these issues, and the covid event has given focus and vitality to this effort. separately, we have already announced that our next evaluation will examine the postcrisis reforms to money market funds, which were once again front and center in the covid event. finally,

lael brainard : unconventional monetary policy and cross - border spillovers speech by ms lael brainard, member of the board of governors of the federal reserve system, at the 16th international monetary fund jacques polak research conference “ unconventional monetary and exchange rate policies ”, washington dc, 6 november 2015. * * * among students of central banking, the great recession will be remembered in part for the monetary policy innovation it prompted. since 2008, we have seen several episodes of extreme financial conditions in major economies. in many countries, monetary policy has shouldered a large share of the policy response. debt - deleveraging dynamics and disinflationary pressures have confronted policymakers in several economies with the classic challenge of providing accommodation when constrained by the zero lower bound. in contrast to the great depression, a number of central banks have found the “ courage to act, ” which has led to important policy innovation. while it will take many years for rigorous research to distill the lessons from this period, i will offer a few preliminary observations. 1 the effectiveness of unconventional monetary policy for much of the period since 2008, many economies, including the united states, the united kingdom, switzerland, the euro area, and japan, have been at or near the zero lower bound. many economies have experienced depressed aggregate demand and large and persistent gaps between output and potential, which have led to significant reductions in the level of policy rates in order to achieve full employment and target inflation. moreover, the neutral level of short - term risk - free rates looks to be much lower now in many countries than it had been previously. a lower neutral rate raises the likelihood that the requisite monetary accommodation when using conventional tools alone implies setting the nominal policy rate below zero. with constraints on moving nominal interest rates significantly below zero, central banks have looked to unconventional policy, such as asset purchases. the evidence suggests that unconventional monetary policy can be effective at overcoming the limitations on policy at the zero lower bound by operating through channels broadly similar to conventional monetary policy. a number of studies have suggested that the forward guidance and large - scale asset purchases conducted by the federal reserve boosted the levels of employment and inflation at a time when the level of short - term interest rates was constrained by the zero lower bound. for example, engen, laubach, and reifschneider estimate that the federal reserve ’ s forward guidance and asset purchase programs may have lowered the unemployment rate by as much as 1 – 1 / 4 percentage points and increased