Five years in the tower

Remarks by Mr Stephen G Cecchetti, Economic Adviser and Head of Monetary and Economic Department of the BIS, prepared for the 12th BIS Annual Conference, Lucerne, Switzerland, 20-21 June 2013.

This is my fifth and last opportunity to deliver opening remarks. Consistent with this year's theme, "Navigating the Great Recession", I'd like to focus on what I have learned during my five years at the BIS and offer some insights in three broad areas: economic research, policy and, lastly, the work of the BIS itself.

Insights for economic research

For economic research, I draw two lessons from my experience:

  1. Quantities matter more than we thought.
  2. Moral hazard is worse than we thought.