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In recent weeks, policymakers on both sides of the Atlantic have affirmed that the financial system is sound and stable.In short, ongoing measures to buttress the global financial system have undoubtedly paid off, especially when it comes to strengthening capital cushions and cleaning up balance sheets in important parts of the banking system. The latest assurances from policymakers are comforting to those of us who worry that not enough has been done to reduce systemic financial risk and to ensure that banks serve the real economy, rather than threaten its well-being.Yet it is too soon to give the financial system as a whole a clean bill of health. More important, financial risks have continued to migrate to nonbank activities.The process for resolving failing and failed banks has been improved.Third, the financial system has yet to feel the full impact of technological disruptions fueled by advances in big data, artificial intelligence, and mobility, which already are in the process of upending a growing number of other established sectors.
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