michelle w bowman : brief remarks - " fed listens " brief remarks by ms michelle w bowman, member of the board of governors of the federal reserve system, at a fed listens event on transitioning to the post - pandemic economy, hosted by the federal reserve bank of richmond, richmond, virginia, 18 october 2023. * * * thank you, tom. it is a pleasure to join you to take part in today's conversations. 1 when we started fed listens back in 2019, the initiative was part of a broad, comprehensive review of the decisionmaking framework we use to pursue our monetary policy goals of maximum employment and price stability. we met with people across the country from a wide range of backgrounds and perspectives, and we learned a lot about how our monetary policy actions affect them, their businesses, and their communities. in light of the valuable insights we gained in those original listening sessions, we decided to expand the scope of fed listens to become an ongoing process of consultation with the public. i look forward to learning from the perspectives of today's participants, our panelists, as well as those of you in the audience. through fed listens and other board and system convenings, we are able to gain important insights about economic conditions by engaging directly with those experiencing the economy. your views and experiences supplement the economic data that we monitor, providing important color and context. these discussions help us gain a deeper understanding of the ongoing burden from high inflation - from the considerations for families in making spending decisions to the factors weighed by business owners in applying for loans to make capital investments like new buildings or equipment to expand operations. these conversations help us look beneath the national level to see how americans in different areas of the country are faring. i am sure that some of the issues and challenges that we will hear about today are unique to the federal reserve's fifth district, while other themes will be broadly similar to those experienced in different areas of the country. this local perspective is one of the great advantages of the federal reserve system's regional structure and of the fed listens initiative. the conversations here today also help inform our thinking as we head into the next meeting of the federal open market committee. inflation has come down, but we know that it is still too high, and it can be especially difficult for those least able to manage the higher costs of essentials like food, housing, and transportation. my colleagues and i are highly focused on returning inflation to

. bis central bankers ’ speeches concluding remarks economic activity in the euro area is on the path to recovery, but the pace is slow and differs from country to country. in italy, as in other euro - area economies, conditions remain difficult, despite some signs of stabilization. the timing and strength of the recovery will depend not only on continuous and effective reform but also on the availability of sufficient financial support for businesses. decisive progress towards the completion of the european union could halt the downward spiral caused by the strains on sovereign borrowers and on financial intermediaries, encouraging a return to more favourable credit conditions. the banking union is the first important step towards a budgetary, and ultimately a political, union through a process that should not be taken as purely sequential : on the one hand, the pooling of national resources is necessary to complete the banking union but, on the other, strong signals of political union would counter the perception of reversibility risk for the single currency. it is a delicate passage, to be undertaken with rigour and responsibility, avoiding errors which could rekindle tensions on the financial markets. the italian banking system is moving along this path, beset by structural problems and weakened by the long recession. but the system can count, partly thanks to the work of the bank of italy, on strengthened capital and prudent evaluations of the quality of its assets. there is no immediate, simple solution that will allow the banks to fully resume their role of supporting economic activity. they must continue to work towards restoring profitability and strengthening capital, as well as adapting their corporate strategies to the changed technological and market conditions. today, the banks are also being called upon to rapidly change pace. bis central bankers ’ speeches