john c williams : our work is not yet done remarks by mr john c williams, president and chief executive officer of the federal reserve bank of new york, at the new york bankers association, new york city, 14 february 2023. * * * as prepared for delivery thank you, tom. it's a pleasure to share the stage with you today. as a member of the new york fed's board of directors, tom murphy represents the federal reserve's second district. our directors ensure that a diversity of viewpoints on economic and banking conditions are represented, so we can better understand and anticipate developments in our economy, both locally and nationally. as you well know, a lot has occurred since tom joined our board two years ago. and we have benefited immensely from his thoughtful insights and perspectives. today, it should come as no surprise that i'll be spending much of my time discussing inflation, which remains my no. 1 concern. i'll also talk about how we are using our monetary policy tools to restore price stability. and, i'll give you my economic outlook. before i go further, i'd like to do three things : first and foremost, i want to thank the new york bankers association for inviting me here. second, i need to give the standard fed disclaimer that the views i express today are mine alone and do not necessarily reflect those of the federal open market committee ( fomc ) or others in the federal reserve system. and third : i'd like to wish everyone a happy valentine's day. as rihanna sang at the super bowl, i hope you all have someone to stand under your umbrella. inflation is still too high economic developments over the past three years have been extraordinary. the pandemic contributed to dramatic swings in our economy - and economies around the world - that we are still grappling with today. at the onset, we experienced the deepest but also the shortest - recession in u. s. history, as well as an immediate spike in unemployment, the highest since the great depression. then, along with russia's war against ukraine, the pandemic contributed to skyrocketing inflation, which reached 7 percent last june, as measured by the personal consumption expenditures ( pce ) price index. that's a level we had not seen for four decades, and one that is well above the fomc's longer - term goal of 2 percent. high inflation hurts everyone,

the use of aips and aech, payment systems during their transactions in lek, on their own or their clients ’ behalf. we believe that through a more competitive policy in products pricing by the banking sector clients get more benefits and we may see an increase in their number and, subsequently, generate an increase in the revenues of the banking sector. third area, in which we are focused relates to the requirements to increase accountability in banking institutions management, asking repeatedly that professionalism, dedication and accountability be transformed into a work culture for all banking institutions staff. for that matter, we are continuously reviewing the processes through which the banks realise their decision - making, ensure control of certain activities and reporting chain within their institutions, as well as their interaction with the public. internal control systems define, mostly, the capacity of an institution to operate securely. these are necessary to avoid any gap that may be abused to the disadvantage of the institution. hence, in its regular communication with banks, the bank of albania has requested that they undertake all necessary measures ; in terms of money, human resources and technology ; to guarantee the security of any banking [ trans ] action. concluding, i would like to underline that the bank of albania shall always be at the position the public expects it to be, in order to satisfy, at any given time, its legal responsibilities for price level and banking sector stability. in this process, state authorities, in particular the judiciary, would be needed to offer their indispensable cooperation and consider banking system issues a high priority, with the knowledge that a stable economic development of the country depends on it. the bank of albania calls on all relevant factors to accelerate their structural reforms on property title and execution of collateral as well as undertake a number of other administrative and bureaucratic regulations which affect banking system costs. inviting you to openly discuss on these issues, i thank you for your attention! bis central bankers ’ speeches