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This publication examines the links between financial systems and economic processes and seeks to develop a practical framework for safeguarding financial stability which encompasses both prevention and resolution of problems. Other issues discussed include: the role of central banks, the challenges to financial stability posed by the globalisation of finance and risk, the systemic challenges posed by a greater reliance on over-the-counter derivatives markets, the market for credit risk transfer vehicles, and financial market activities of insurance and reinsurance companies.