For generations, the stability of global oil supplies has been guaranteed by Saudi Arabia's reserve capacity that could be relied on to make up for any shocks to those supplies due to political unrest or other factors.
Large foreign-exchange reserves make countries less vulnerable to shocks.
But until labour markets are freed, tight macroeconomic policy is one of those shocks that can only make things worse.
That, they say, would let big and small savers know that their money is secure and make banks more stable during financial shocks.
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Mr. Emanuel noted, correctly, that the U.S. largely squandered the opportunity the oil shocks of the 1970s presented to make serious, long-term changes in its energy habits -- a failure that has returned to haunt the nation today.
However, if more and more consumers start defaulting on their credit card obligations, what will happen is it will make it harder for banks to absorb other financial shocks.
Even if Bradford don't make it to Wembley they will have two cup shocks to remember fondly after they disposed of a full-strength Arsenal team on penalties in the last eight.
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Probably the best it can aim for is to make sure banks have the capital they need to withstand realistic shocks without impeding the growth of credit.
But the really interesting question, now that they've been forced by regulators to hold much more capital and cash as a protection against shocks, is when and whether they'll ever again make the bumper profits of yore.
Of course, if the current pace is to continue, all of the usual caveats apply with respect to exogenous shocks that sideline investors or, conversely, tighter collateral spreads that make CLO arbitrage unattractive.
"This overhaul of EU banking rules will make sure that banks in the future have enough capital, both in terms of quality and quantity, to withstand shocks, " said Irish Finance Minister Michael Noonan, who led the negotiations.
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