chains of merchants and smes. we're so excited about all this! for this excitement, we can thank deputy governors mert tangonan and berna romulo puyat and their teams. we will continue to work hard in pursuing our mandate of ensuring price stability, financial stability and a safe and efficient payment system. we will do this through greater investment in our research and operational capacities to become a more responsive, efficient, agile and future - ready institution. we lean on deputy governor ed bobier and his team. thank you, dg ed. 2 / 3 bis - central bankers'speeches we're going to work actively with our colleagues in government and stakeholders on reforms to deepen our capital market as well as strengthen our sustainability agenda. in all these, we need your help. let us continue to work together. 3 / 3 bis - central bankers'speeches

randal k quarles : the us economy after the global financial crisis speech by mr randal k quarles, vice chairman for supervision of the board of governors of the federal reserve system, at " 10 years after the global financial crisis : how has the world economy changed and where will it go? " 26th international financial symposium, sponsored by the institute for international monetary affairs, tokyo, 22 february 2018. * * * i am very happy to be participating in this symposium on taking stock of the global economy a decade after the global financial crisis, and i thank hiroshi watanabe for the invitation. 1 i have been asked to provide an overview of the u. s. economy since the advent of the crisis in no longer than 10 minutes, so i could either talk very quickly or focus my comments on more recent developments, perhaps throwing in a bit of historical context when appropriate. to cut to the bottom line, the u. s. economy appears to be performing very well and, certainly, is in the best shape that it has been in since the crisis and, by many metrics, since well before the crisis. recent volatility in equity markets is a reminder that asset prices can move rapidly and unexpectedly. however, it is my assessment that the underlying fundamentals of the u. s. economy are sound and much improved relative to earlier in the decade. one easy and important place to see that improvement is in the labor market. after peaking at 10 percent in october 2009, the unemployment rate fell rather steadily to 4. 1 percent in january — the lowest level, outside of a period from 1999 to 2000, since the 1960s. job gains in recent months have continued at a pace that would be pushing the unemployment rate even lower if the labor participation rate had not stabilized in recent years, a welcome development and a sign that the strength of the labor market is pulling in or retaining workers who might otherwise be on the sidelines. broader measures of labor market slack — for example, those that include individuals who are out of the labor force but say they want a job as well as those working with a part - time job but who would like to work full time — have largely returned to pre - crisis levels. while the labor market has shown steady improvement over the past decade, the post - crisis performance of gross domestic product ( gdp ) growth has been more disappointing, averaging just 2 percent per year over the past seven years. however, beginning with the second quarter of last year,