WASHINGTON — Asset bubbles are not spontaneous occurrences, but part of the landscape and could happen again, Federal Reserve Gov. Sarah Bloom Raskin warned Wednesday, noting that using monetary policy to prevent bubbles, though possible, represents a failure of regulation.

But in the fragmented U.S. regulatory system, it is critical to focus on coordination and cooperation among the many agencies, and to stress compliance with regulations, not just increased capital, Raskin said in a speech prepared for delivery to the Exchequer Club in Washington.

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