Developments in financial markets can have broad economic effects felt by many outside the markets.

The crisis in Europe has affected the U.S. economy by acting as a drag on our exports, weighing on business and consumer confidence, and pressuring U.S. financial markets and institutions.

Under Chairman Greenspan, monetary policy has become increasingly transparent to the public and the financial markets, a trend that I strongly support.

I have spoken about deficits, and I think deficits are important because they address broad economic and financial stability. We need to talk about that.

The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.