sovereign ’ s creditworthiness. the framework has been applied unchanged to all countries since 2010. but enhanced surveillance is not a programme and does not entail conditionality – i assume this is exactly why the government accepted it! it therefore does not comply with our framework. 2 / 4 bis central bankers'speeches that being said, the lifting of the waiver was a “ non - event ” for banks, as one greek bank ceo recently pointed out. greek banks have broadened their market financing and successfully shifted parts of their financing from monetary policy operations onto the interbank repo market. the significant increase in deposits during the summer months helped as well. overall, bank liquidity has been continuously improving. it is important that this trend is further supported in the period ahead. is the greek debt sustainable according to the ecb? we were wondering, if you consider it sustainable, why you couldn ’ t have included the greek bonds in the public sector purchase programme ( pspp – also known as qe ) for at least a few weeks after the eurogroup decision on debt measures, when the waiver was still in force. are you going to publish the ecb ’ s debt sustainability analysis? the agreement reached by the eurogroup on 22 june was a significant step towards restoring debt sustainability, especially over the medium term ( that is, until the end of the deferral period ). in the long term, we welcome the eurogroup ’ s readiness to consider further debt measures if there are adverse developments. indeed, downside risks to both macroeconomic and fiscal assumptions remain sizeable. as for the pspp, greek government bonds lost their eligibility on 21 august when the programme ended. at that point, the eurogroup ’ s debt measures had still not been ratified. in any case, purchases would have been very limited over such a short period. is there any chance that greek bonds could be included at some point in the future in the reinvestment phase of the pspp? how many years do you think the reinvestment of maturing securities will last? without a programme, greek government bonds are now treated like any other bonds for the purpose of ecb eligibility. once they regain investment grade status they could be included in all ecb programmes, subject to a governing council decision. as you know, we intend to reinvest the principal payments from maturing securities purchased under the asset purchase programme ( app ) for an extended period of time after the end of our net asset

michelle w bowman : introductory remarks - fed listens event introductory remarks by ms michelle w bowman, member of the board of governors of the federal reserve system, at a fed listens event sponsored by the federal reserve bank of st. louis, st. louis, missouri, 4 september 2019. * * * in keeping with the purpose of fed listens, i would like to spend most of our time in conversation, but i do want to offer a few thoughts about why the fed is reaching out to seek a broad range of views, and what we are trying to achieve. this kind of comprehensive outreach on monetary policy is new for the fed. for many decades, there was a sense at the board that the public wasn ’ t interested or willing to dive into the complexities of monetary policy. that view has changed in a fundamental way, especially in the aftermath of the financial crisis when it was urgently important that the public understand what we were doing. so we began explaining as accessibly and clearly as we could what we were doing and why. now we are listening broadly as well. since i became a board member almost a year ago, it ’ s become clear to me that people not only are willing to engage on complex economic issues, they also want to know that their concerns are being taken into account on issues that affect their financial well - being. the movement toward greater transparency and public engagement is ongoing, and advancing that effort is one of my top priorities. at the same time, we recognize that clear communication of our policies actually helps us achieve our goals. when we communicate our views on the economic outlook and our expectations for where interest rates may be heading, consumers and businesses take that information into account when making decisions on spending, investment, and hiring. for that reason, our policy communications are themselves an important part of the fed ’ s toolkit for influencing the direction of the economy. fed listens is a natural outcome of this commitment to public engagement. we want to hear from people, from different parts of the country and different sectors of the economy, about how monetary policy affects them and their communities. it is our responsibility as a public institution to be accountable to the public. and, hearing a broad range of perspectives on these issues will help us make good decisions as we consider new approaches to monetary policy. this afternoon, individual stakeholders representing different economic sectors will meet to discuss their perspectives. later, president bullard and i will do what we came here to do, which is listen.