Federal Reserve Chairman Ben Bernanke on Tuesday outlined steps he thinks would help avert financial crises, saying the time for such a longer-term discussion has come even as policymakers address the worst crisis since the 1930s.

In remarks to the Council on Foreign Relations, Bernanke also issued a mea culpa of sorts for the current global financial crisis, speaking on behalf of the United States and some other big economies that failed to "prudently" invest the rush of capital inflows that started more than a decade ago.

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