gertrude tumpel - gugerell : priorities for eu infrastructures and prospects of transatlantic infrastructures speech by ms gertrude tumpel - gugerell, member of the executive board of the european central bank, at the eurofi conference, nice, 12 september 2008. * * * question 1 : what are the priorities to develop the competitiveness of eu securities infrastructures? answer 1 : firstly, from a central bank perspective a clear priority for eu securities infrastructures is to overcome the current fragmentation which leads to unnecessarily high costs, especially for cross - border transactions. i see t2s as a good example of this. t2s, as a neutral and borderless shared settlement infrastructure, will yield positive scale effects, and it will promote competition in asset servicing, as csds strengthen their offerings in services other than settlement. secondly, harmonisation, harmonisation will lead to further cost savings, transparency and foster competition in the value chain. we will see significant initiatives in harmonisation efforts throughout the securities life cycle, assisted by the catalytic effect of t2s. the eurosystem, itself, will initiate work of the t2s advisory group together with market participants to develop action plans for harmonising both settlement - related processes and processes related to corporate actions. thirdly, in order for securing the competitive market place of the single market and thereby maintain and attract issuers and investors to europe, we need to re - think the risks to the robustness and resilience of the entire financial system, which includes securities infrastructures. first of all we need a single set of standards consistently implemented in the european union. in this respect, i welcome the request of ecofin to escb and cesr to finalise their recommendations. ( this will also facilitate harmonisation and avoid regulatory arbitrages that can lead to the “ race to the bottom ” ). second, the current financial crisis is showing how fast problems in one market can spread over to other markets. in consequence, the operational processes, risk management policies and procedures of each system are more related to those of other systems. therefore priorities should be made to obtain a holistic and systemic european ( and maybe global ) approach to widening our risk assessment concepts and our coordination with other market participants within the value chain, so that risk and crisis management procedures can be optimised. after the publication of the cpss report on interdependencies, central banks are currently investigating if and if so

for release on delivery 9 : 10 a. m. edt ( 8 : 10 a. m. cdt ) august 27, 2020 new economic challenges and the fed ’ s monetary policy review remarks by jerome h. powell chair board of governors of the federal reserve system at “ navigating the decade ahead : implications for monetary policy, ” an economic policy symposium sponsored by the federal reserve bank of kansas city jackson hole, wyoming ( via webcast ) august 27, 2020 thank you, esther, for that introduction, and good morning. the kansas city fed ’ s economic policy symposiums have consistently served as a vital platform for discussing the most challenging economic issues of the day. judging by the agenda and the papers, this year will be no exception. for the past year and a half, my colleagues and i on the federal open market committee ( fomc ) have been conducting the first - ever public review of our monetary policy framework. 1 earlier today we released a revised statement on longer - run goals and monetary policy strategy, a document that lays out our goals, articulates our framework for monetary policy, and serves as the foundation for our policy actions. 2 today i will discuss our review, the changes in the economy that motivated us to undertake it, and our revised statement, which encapsulates the main conclusions of the review. evolution of the fed ’ s monetary policy framework we began this public review in early 2019 to assess the monetary policy strategy, tools, and communications that would best foster achievement of our congressionally assigned goals of maximum employment and price stability over the years ahead in service to the american people. because the economy is always evolving, the fomc ’ s strategy for achieving its goals — our policy framework — must adapt to meet the new challenges that arise. forty years ago, the biggest problem our economy faced was high and rising inflation. 3 the great inflation demanded a clear focus on restoring the see board of governors ( 2018 ) and clarida ( 2019 ). the revised statement on longer - run goals and monetary policy strategy is available on the board ’ s website at https : / / www. federalreserve. gov / newsevents / pressreleases / monetary20200827a. htm. consumer price inflation, which was running below 2 percent in the early 1960s, had risen into the double digits by the late 1970s and was slightly above 12 percent when the committee gathered for an unscheduled meeting in the ec