- We don't know yet where central bank balance sheet reduction will need to stop in terms of necessary level of reserves
- Post-crisis reforms to bank regulation have worked
- I don't believe we face a systemic banking crisis
- We can't assume that, going forwards, the current answer on the total size of liquidity protection is the correct one
- Appropriate and desired liquidity buffers are in question
This approach isn't exactly comforting. He is basically shrugging his shoulders here and saying that he has no idea.
