--- title: "Meaning & Key Takeaway of: The Global Financial Crisis and Great…" description: "\"The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design,..." image: "https://sms4smile.com/quotes/i/69e/janet-yellen-2828_around-the-world_the-global-financial-crisis-and-great-re_2093245.png" --- # The Global Financial Crisis and Great Recession posed… ![“The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy.” quote by Janet Yellen](https://sms4smile.com/quotes/i/69e/janet-yellen-2828_around-the-world_the-global-financial-crisis-and-great-re_2093245.png) [Download](https://sms4smile.com/quotes/i/69e/janet-yellen-2828_around-the-world_the-global-financial-crisis-and-great-re_2093245.png) [Open image](https://sms4smile.com/quotes/i/69e/janet-yellen-2828_around-the-world_the-global-financial-crisis-and-great-re_2093245.png) > “The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy.” [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Central banks faced unprecedented challenges during the crisis, prompting innovative policy tools and communication strategies. **In simple terms:** Banks had to innovate during the crisis. Key Takeaway Embrace creative solutions in policy. Themes crisis management innovation monetary policy Mood analytical serious Type policy economic When to use this quote - financial regulation - central banking - global economy Key Concepts economic resilience communication strategies Questions to Reflect On - What new tools can improve monetary policy? - How can communication build public trust? A Different Perspective Innovation may have unintended side effects. ★ ★ ★ ★ ★ No ratings yet [Around the world](https://sms4smile.com/quotes/about/around-the-world/) [Central bank](https://sms4smile.com/quotes/about/central-bank/) [Central banks](https://sms4smile.com/quotes/about/central-banks/) [Challenges](https://sms4smile.com/quotes/about/challenges/) [Communication](https://sms4smile.com/quotes/about/communication/) [Customer](https://sms4smile.com/quotes/about/customer/) [Design](https://sms4smile.com/quotes/about/design/) [Financial crisis](https://sms4smile.com/quotes/about/financial-crisis/) [Great recession](https://sms4smile.com/quotes/about/great-recession/) [Monetary policy](https://sms4smile.com/quotes/about/monetary-policy/) [New challenges](https://sms4smile.com/quotes/about/new-challenges/) ## Related quotes > [In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it…](https://sms4smile.com/quotes/janet-yellen/in-1977-when-i-started-my-first-job-at-the-federal-reserve-board-as-a/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [ Global central banks are working hard to lift their economies through an aggressively easy monetary policy. The ECB \[European Central Bank\] and BOJ \[Bank… ](https://sms4smile.com/quotes/mark-zandi/global-central-banks-are-working-hard-to-lift-their-economies-through/) [Mark Zandi](https://sms4smile.com/quotes/author/mark-zandi/) > [For a small open economy that trades mostly with the euro zone it makes absolute sense to be part of the currency union. Our…](https://sms4smile.com/quotes/dalia-grybauskaite/for-a-small-open-economy-that-trades-mostly-with-the-euro-zone-it/) [Dalia Grybauskaite](https://sms4smile.com/quotes/author/dalia-grybauskaite/) > [I think that sharing information about our economies, the way that the central banks do in Basel and other forums, is quite useful. But…](https://sms4smile.com/quotes/charles-l-evans/i-think-that-sharing-information-about-our-economies-the-way-that-the/) [Charles L. Evans](https://sms4smile.com/quotes/author/charles-l-evans/) > [Quantitative easing is just the latest chapter in the Federal Reserve’s hundred-year history of failure. (...) The American people have suffered long enough under…](https://sms4smile.com/quotes/ron-paul/quantitative-easing-is-just-the-latest-chapter-in-the-federal-reserve/) [Ron Paul](https://sms4smile.com/quotes/author/ron-paul/) > [The one instrument that has relative political autonomy is monetary policy. 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We publish a summary of our balance sheet every week. Our financial statements are…](https://sms4smile.com/quotes/janet-yellen/the-federal-reserve-ranks-among-the-most-transparent-central-banks-we/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [I don't think that our problem, our jobs problem, is fundamentally a problem of trade. I think it has much more to do with…](https://sms4smile.com/quotes/robert-reich/i-don-t-think-that-our-problem-our-jobs-problem-is-fundamentally-a/) [Robert Reich](https://sms4smile.com/quotes/author/robert-reich/) > [Created by Congress as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFPB was a direct response to…](https://sms4smile.com/quotes/joe-sestak/created-by-congress-as-part-of-the-dodd-frank-wall-street-reform-and/) [Joe Sestak](https://sms4smile.com/quotes/author/joe-sestak/) > [ “We are headed for a much morse financial crisis than the one we experienced in '08 \[2008\] and we are headed for a much… ](https://sms4smile.com/quotes/peter-schiff/we-are-headed-for-a-much-morse-financial-crisis-than-the-one-we/) [Peter Schiff](https://sms4smile.com/quotes/author/peter-schiff/) > [However, optimism is highly valued, socially and in the market; people and firms reward the providers of dangerously misleading information more than they reward…](https://sms4smile.com/quotes/daniel-kahneman/however-optimism-is-highly-valued-socially-and-in-the-market-people/) [Daniel Kahneman](https://sms4smile.com/quotes/author/daniel-kahneman/) > [ Let's stop for a second and remember where we were eight years ago \[in 2008\]. We had the worst financial crisis, the Great Recession,… ](https://sms4smile.com/quotes/hillary-clinton/let-s-stop-for-a-second-and-remember-where-we-were-eight-years-ago-in/) [Hillary Clinton](https://sms4smile.com/quotes/author/hillary-clinton/) ## More by Janet Yellen > [Nationally, the share of mortgages that are underwater fell by about one-half between 2011 and 2014.](https://sms4smile.com/quotes/janet-yellen/nationally-the-share-of-mortgages-that-are-underwater-fell-by-about/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Will capitalist economies operate at full employment in the absence of routine intervention? Certainly not. Are deviations from full employment a social problem? Obviously.](https://sms4smile.com/quotes/janet-yellen/will-capitalist-economies-operate-at-full-employment-in-the-absence/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Individuals out of work for an extended period can become less employable as they lose the specific skills acquired in their previous jobs and…](https://sms4smile.com/quotes/janet-yellen/individuals-out-of-work-for-an-extended-period-can-become-less/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [For decades, the pace of technological change in manufacturing has outstripped that in the economy as a whole. And, so, firms - manufacturing firms…](https://sms4smile.com/quotes/janet-yellen/for-decades-the-pace-of-technological-change-in-manufacturing-has/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [For my own part, I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow…](https://sms4smile.com/quotes/janet-yellen/for-my-own-part-i-did-not-see-and-did-not-appreciate-what-the-risks/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [It's important for market participants to have a sense of how we think about the economy and the appropriate path of policy, to look…](https://sms4smile.com/quotes/janet-yellen/it-s-important-for-market-participants-to-have-a-sense-of-how-we/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [If there is a job that you feel passionate about, do what you can to pursue that job; if there is a purpose about…](https://sms4smile.com/quotes/janet-yellen/if-there-is-a-job-that-you-feel-passionate-about-do-what-you-can-to/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Although we work through financial markets, our goal is to help Main Street, not Wall Street.](https://sms4smile.com/quotes/janet-yellen/although-we-work-through-financial-markets-our-goal-is-to-help-main/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [I felt that the Fed had always been the agency that picked up the pieces when there was a financial crisis, and it was…](https://sms4smile.com/quotes/janet-yellen/i-felt-that-the-fed-had-always-been-the-agency-that-picked-up-the/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Increased business sales would almost certainly raise the productive capacity of the economy by encouraging additional capital spending, especially if accompanied by reduced uncertainty…](https://sms4smile.com/quotes/janet-yellen/increased-business-sales-would-almost-certainly-raise-the-productive/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [There were a lot of manufacturing jobs lost over a long period of time and particularly after - during the Great Recession. We've had…](https://sms4smile.com/quotes/janet-yellen/there-were-a-lot-of-manufacturing-jobs-lost-over-a-long-period-of/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Uncertainty about sales impedes business planning and could harm capital formation just as much as uncertainty about inflation can create uncertainty about relative prices…](https://sms4smile.com/quotes/janet-yellen/uncertainty-about-sales-impedes-business-planning-and-could-harm/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [Stronger productivity growth would tend to raise the average level of interest rates and, therefore, would provide the Federal Reserve with greater scope to…](https://sms4smile.com/quotes/janet-yellen/stronger-productivity-growth-would-tend-to-raise-the-average-level-of/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [The Federal Open Market Committee (FOMC) is committed to policies that promote maximum employment and price stability, consistent with our mandate from Congress.](https://sms4smile.com/quotes/janet-yellen/the-federal-open-market-committee-fomc-is-committed-to-policies-that/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [To me, the greatest asset of the Fed is the people. We have a tremendously dedicated staff... They feel proud to work for the…](https://sms4smile.com/quotes/janet-yellen/to-me-the-greatest-asset-of-the-fed-is-the-people-we-have-a/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) [Explore all 148 Janet Yellen quotes ](https://sms4smile.com/quotes/author/janet-yellen/) ## More Around the world quotes > [Public infrastructure around the world is facing unprecedented stress, with hurricanes, cyclones, floods and forest fires all increasing in frequency and intensity. 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These immigrants have…](https://sms4smile.com/quotes/george-w-bush/throughout-our-history-the-words-of-the-declaration-have-inspired/) [George W. Bush](https://sms4smile.com/quotes/author/george-w-bush/) > [It's difficult to believe in yourself because the idea of self is an artificial construction. You are, in fact, part of the glorious oneness…](https://sms4smile.com/quotes/russell-brand/it-s-difficult-to-believe-in-yourself-because-the-idea-of-self-is-an/) [Russell Brand](https://sms4smile.com/quotes/author/russell-brand/) > [We know the candidate Barack Obama, what he was like - the anti-war government nig... America was a source for division around the world,…](https://sms4smile.com/quotes/rick-santorum/we-know-the-candidate-barack-obama-what-he-was-like-the-anti-war/) [Rick Santorum](https://sms4smile.com/quotes/author/rick-santorum/) > [Since 'coming out,' I've marched in gay pride parades all around the world, I've filled my home full of rainbow tat and I've become…](https://sms4smile.com/quotes/liz-carr/since-coming-out-i-ve-marched-in-gay-pride-parades-all-around-the/) [Liz Carr](https://sms4smile.com/quotes/author/liz-carr/) > [Once, as an experiment, I travelled around the world with a single suit. Before I left, I went to a tailor in Savile Row…](https://sms4smile.com/quotes/george-hamilton/once-as-an-experiment-i-travelled-around-the-world-with-a-single-suit/) [George Hamilton](https://sms4smile.com/quotes/author/george-hamilton/) > [Thanks to all members of the military around the world for giving me the ultimate motivation.](https://sms4smile.com/quotes/natalya-neidhart/thanks-to-all-members-of-the-military-around-the-world-for-giving-me/) [Natalya Neidhart](https://sms4smile.com/quotes/author/natalya-neidhart/) > [I look at what's happening around the world and I see Iran four years closer to a bomb. I see the Middle East with…](https://sms4smile.com/quotes/mitt-romney/i-look-at-what-s-happening-around-the-world-and-i-see-iran-four-years/) [Mitt Romney](https://sms4smile.com/quotes/author/mitt-romney/) > [“The low point occurred in July, during Romney’s junior week abroad, in which the press became increasingly frustrated over Romney’s refusal to talk to…](https://sms4smile.com/quotes/mark-leibovich/the-low-point-occurred-in-july-during-romney-s-junior-week-abroad-in/) [Mark Leibovich](https://sms4smile.com/quotes/author/mark-leibovich/) > [I believe there definitely are good things about social networking. It's a way for people to connect all around the world.](https://sms4smile.com/quotes/lizzie-velasquez/i-believe-there-definitely-are-good-things-about-social-networking-it/) [Lizzie Velasquez](https://sms4smile.com/quotes/author/lizzie-velasquez/) > [“Isn’t everyone on the planet or at least everyone on the planet called me stuck between the two impulses of wanting to walk away…](https://sms4smile.com/quotes/catherine-lacey/isn-t-everyone-on-the-planet-or-at-least-everyone-on-the-planet/) [Catherine Lacey](https://sms4smile.com/quotes/author/catherine-lacey/) > [You always can improve and I think that's the beauty of international cricket, particularly test cricket, is playing all around the world against different…](https://sms4smile.com/quotes/kane-williamson/you-always-can-improve-and-i-think-that-s-the-beauty-of-international/) [Kane Williamson](https://sms4smile.com/quotes/author/kane-williamson/) > [Trump is reviled around the world.](https://sms4smile.com/quotes/joy-reid/trump-is-reviled-around-the-world/) [Joy Reid](https://sms4smile.com/quotes/author/joy-reid/) [Browse all 3,349 Around the world quotes ](https://sms4smile.com/quotes/about/around-the-world/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy.", "creator": { "@type": "Person", "name": "Janet Yellen" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/janet-yellen/the-global-financial-crisis-and-great-recession-posed-daunting-new/", "about": { "@type": "Thing", "name": "Around the world" }, "@id": "https://sms4smile.com/quotes/janet-yellen/the-global-financial-crisis-and-great-recession-posed-daunting-new/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/69e/janet-yellen-2828_around-the-world_the-global-financial-crisis-and-great-re_2093245.png", "contentUrl": "https://sms4smile.com/quotes/i/69e/janet-yellen-2828_around-the-world_the-global-financial-crisis-and-great-re_2093245.png", "url": "https://sms4smile.com/quotes/i/69e/janet-yellen-2828_around-the-world_the-global-financial-crisis-and-great-re_2093245.png", "width": 1080, "height": 1080, "caption": "“The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the…” — Janet Yellen", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Janet Yellen", "item": "https://sms4smile.com/quotes/author/janet-yellen/" }, { "@type": "ListItem", "position": 4, "name": "The Global Financial Crisis and Great...", "item": "https://sms4smile.com/quotes/janet-yellen/the-global-financial-crisis-and-great-recession-posed-daunting-new/" } ], "@id": "https://sms4smile.com/quotes/janet-yellen/the-global-financial-crisis-and-great-recession-posed-daunting-new/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```