(Reuters) - He said the rapid growth of the credit derivatives market and the increasing prominence of hedge funds did not warrant specific regulation to address possible risks that they pose.
"I will argue that central banks and other regulators should resist the temptation to devise ad hoc rules for each new type of financial instrument or institution," Bernanke said. "Rather, we should strive to develop common, principles-based policy responses that can be applied consistently across the financial sector to meet clearly defined objectives."
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