’ s june 19, 2013, press conference is available on the board ’ s website. bis central bankers ’ speeches implemented in as transparent and predictable a manner as possible. on this front, i think it is safe to say that there may be room for improvement. achieving the desired transparency and predictability doesn ’ t require that the wind - down happen in a way that is independent of incoming data. but i do think that, at this stage of the asset purchase program, there would be a great deal of merit in trying to find a way to make the link to observable data as mechanical as possible. for this reason, my personal preference would be to make future step - downs a completely deterministic function of a labor market indicator, such as the unemployment rate or cumulative payroll growth over some period. for example, one could cut monthly purchases by a set amount for each further 10 basis point decline in the unemployment rate. 10 obviously the unemployment rate is not a perfect summary statistic for our labor market objectives, but i believe that this approach would help to reduce uncertainty about our reaction function and the attendant market volatility. moreover, we would still retain the flexibility to respond to other contingencies ( such as declines in labor force participation ) via our other more conventional policy tool – namely, the path of short - term rates. thank you very much. i look forward to your questions. to be clear, i am sketching out a broad concept, and many details would need to be filled in to make it operational – such as, what to do if the unemployment rate falls in one month and then later rises. bis central bankers ’ speeches

recovery can be seen to have been quite unrealistic as the detail of land use planning, sorting through insurance disputes, coordinating competing interests, providing logistical support and resources has taken over. the path for rebuilding, based on the most recent information available, suggests that activity will start to ramp up from the end of this year, accelerating through 2013 and 2014 before reaching a peak in 2015. degrees of uncertainty right now the uncertainties faced by decision - makers are unusually diverse and numerous. the world is in the process of transiting to a new order of economic reality, the dimensions of which are difficult to map with any certainty. what is clear, nevertheless, is that choices for policy makers, business leaders and householders can no longer be based on a simple assumption of brisk growth resuming as before and that the economies of the western hemisphere will be in a position to direct economic policy and growth ad infinitum. with the rapid development of the asian bloc and india, combined with a lack of access to easily recoverable energy supplies as well as political instability in the arab states, the world is having to adjust to an environment of high and on - going energy costs. a new easily exploitable resource might be discovered, with a consequent reduction in prices, but this remains an uncertain prospect and definitely not one on which to base business decisions. the western developed economies, in particular, face multiple challenges and the degree to which these will be overcome in the next five years is far from clear. the volatility seen in financial and equity markets is a symptom of this uncertainty currently most obvious in the responses to the eurozone crisis. structures, previously thought inviolable, such as the euro currency, are now recognised to be vulnerable. in the banking and finance sectors regulators are tightening standards, imposing new capital requirements and introducing new macro - prudential tools to assist in maintaining the stability of financial systems and the control of credit creation. fiscal policy is dominated by a desire to reduce sovereign debt by increasing government savings. on the one side financial markets need to be reassured that governments are able to act responsibly and implement sound, long term, economic policies to promote economic growth, while, on the other, the voting public have to be convinced that the lengthy period of restrained growth that typically accompanies structural reform and fiscal austerity is in their best long term interest. in these highly uncertain times households themselves act to restrain growth by increasing savings and reducing spending