Barry Eichengreen explains why the longtime Federal Reserve chair was one of the Fed's most consequential leaders—for good and bad.
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Economics
Jun 22, 2026
Barry Eichengreen
The longtime Federal Reserve chair inferred from past crises that lightly regulated markets, while prone to excesses, could right themselves sufficiently to avoid imperiling the financial system and the economy. The correct lesson would have been that markets require strict regulation, and that competent technocrats are essential.
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