Quantitative tightening in the euro area
The Sound of Economics
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The Fed's Liquidity Tool for Silicon Valley Bank
I think there is an argument for why greater regulation, if Dodd-Frank had been uniformly applied across the banking system in the US as it is in most other countries. So I think it's appropriate to have more regulation for smaller banks. But I do think that the nature of investors is that they're going to move out of those smaller banks and probably move into shadow banking. It just was too late to save Silicon Valley bank and signature bank, but hopefully we'll save a whole bunch of other smaller risks.
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