Fischer headed Israel’s central bank from 2005 through 2013 and is now number two at the Federal Reserve in the U.S. after Janet Yellen.
“The recession that began in the United States in December 2007 ended in June 2009. But the Great Recession is a near-worldwide phenomenon, with the consequences of which many advanced economies--among them Sweden--continue to struggle. Its depth and breadth appear to have changed the economic environment in many ways and to have left the road ahead unclear.”
Speaking about the steps that have been taken internationally in order to “strengthen the financial system” and to reduce the “probability of future financial crisis,” Fischer said that the U.S. was preparing proposals for bank bail-ins for “systemically important banks.”
“Additional steps have been taken in some countries. For example, in the United States, capital ratios and liquidity buffers at the largest banks are up considerably, and their reliance on short-term wholesale funding has declined considerably. Work on the use of the resolution mechanisms set out in the Dodd-Frank Act, based on the principle of a single point of entry--though less advanced than the work on capital and liquidity ratios--holds the promise of making it possible to resolve banks in difficulty at no direct cost to the taxpayer.
As part of this approach, the United States is preparing a proposal to require systemically important banks to issue bail-inable long-term debt that will enable insolvent banks to recapitalize themselves in resolution without calling on government funding--this cushion is known as a "gone concern" buffer.”
See guide to coming bail-ins here Protecting Your Savings in the Coming Bail-In Era 
Today’s AM fix was USD 1,311.00, EUR 982.76 and GBP 781.75 per ounce.Yesterday’s AM fix was USD 1,308.25, EUR 977.33 and GBP 779.37 per ounce.
Gold fell $2.30 yesterday to $1,309.10/oz and silver rose $0.07 or 0.35% to $20.04/oz.
Gold popped higher today as equities fell on news that a Russian aid convoy is heading to Ukraine and on signs that the new deepening tensions and risk of conflict with Russia is hurting confidence in the euro zone economy.
Gold in U.S. Dollars - 1 Year (Thomson Reuters)
Spot gold was up 0.3% at $1,312.70/oz at 1230 GMT, while U.S. gold futures for December delivery were up $1.80/oz at $1,312.30.
Silver for immediate delivery rose 0.1% to $20.18 an ounce. Spot platinum was flat at $1,473.63 an ounce, while palladium edged closer to multi year nominal highs and was 0.5% higher at $882 an ounce.
Many market participants are surprised that gold has not seen greater gains and is flat since February. Given the degree of geopolitical uncertainty and the fact that this uncertainty is likely to disappear anytime soon, gold should have seen greater gains.