helped engender a downsizing of public ownership of commercial banks in europe, coupled with rapid development of heretofore modest capital markets, changes which appear to be moving continental europe ’ s financial system closer to the structure evident in britain and the united states. continental european countries may gain an additional benefit from the increased development of their capital markets. with increased concentration of national banking systems, which will likely be followed by increased concentration of europe - wide banking, comes the risk of an unusually large impact should the health of a megabank become impaired, causing the bank to curtail its lending. having well - developed capital markets would likely help to mitigate these effects, as more firms would have alternative sources of funds. conclusion improving domestic banking systems in emerging markets will help to limit the toll of the next financial disturbance. but if, as i presume, diversity within the financial sector provides insurance against a financial problem turning into economy - wide distress, then steps to foster the development of capital markets in those economies should also have an especial urgency. moreover, the difficult groundwork for building the necessary financial infrastructure - improved accounting standards, bankruptcy procedures, legal frameworks, and disclosure - will pay dividends of their own. the rapidly developing international financial system has clearly intensified competitive forces that have enhanced standards of living throughout most of the world. it is important that we develop domestic financial structures that facilitate and protect our international financial and trading systems, a process that will require much energy and commitment in the years ahead.

families, but also for food banks — which, at the same time, are reporting fewer donations. the result of all of this is that food insecurity is becoming more widespread — and more difficult to resolve. the ripple effects expand across the economy, as food insecurity drives economic inequality, which in turn is a barrier to cultivating a healthy workforce. and a healthy workforce is what we need to keep our economy strong. at the new york fed — and across the federal reserve system — one of our key areas of focus is to better understand the economic drivers and social determinants of health. we have been hosting a series of events that bring together experts on economic inequality and the needs of low - and moderate - income communities in our district. today ’ s event on food insecurity is part of that larger effort. but we recognize it ’ s not enough to merely study the issue. the role of our community development team is to champion promising solutions by connecting people, programs, and proposals with funding. up to 40 percent of food produced in the united states goes to waste 1 / 2 bis central bankers'speeches each year, so there is a huge opportunity to distribute that unused food to those who need it. you ’ ll be hearing more about that later today. but first, we ’ ll start off with a presentation from professor tashara leak. she ’ ll frame the discussion by talking about how food insecurity affects the health of children — and how that, in turn, shapes their economic prospects as they grow older. then, we ’ ll convene a panel of business and government leaders, along with impact investors, who will spotlight some of the innovative work being done to make healthy and affordable food more accessible. thank you all for joining us. and with that, i ’ ll turn it over to professor leak. 2 / 2 bis central bankers'speeches