strive to engage a wide diversity see “ the introduction of the tmpg fails charge for u. s. treasury securities ” for more information. the new york fed has organized workshops and conferences on reforming culture in the financial services industry. additionally, several executives have spoken publicly on the topic. see here for more detail. the g30, the basel committee, the european systemic risk board, and the fsb have issued papers on culture, governance, and misconduct risk. the bank of england ’ s fair and effective markets review called for higher conduct standards for the fixed income markets. the central bank of the netherlands – de nederlandsche bank – has developed new approaches for the supervision of corporate culture and decisionmaking. the mpg is working with the bis fxwg to develop market - based adherence mechanisms for the fx global code. bis central bankers ’ speeches of market participants as we develop best practices. this is to ensure that the practices reflect all relevant segments of the market and to promote buy - in and thus foster their adoption. as i mentioned before, both the tmpg and the fxc are expanding their membership such that a range of market participants feels vested in their missions. in addition, we engage with other sectors of the marketplace, such as trade associations and infrastructure providers, to educate them about best practices that have been developed and facilitate their potential adoption of aspects of them. when central banks operate in the markets ourselves, we expect the best practices to apply. this has two aspects. first, we align our own practices to the best practices, except where it would inhibit our policy functions. as a corollary, we expect those institutions that choose to become our counterparties to comply with the best practices as well, so that when we transact, we do so with the confidence that our counterparties are adhering to these standards of behavior. finally, we keep supervisors, regulators and other official sector bodies, inside and outside our four walls, abreast of the work of our committees. in some cases, they may choose to adopt standards first articulated by our committees as part of their frameworks. 22 conclusion market participants have a responsibility to themselves, their clients, and the financial markets in which they transact to implement best practices within their own institutions and to encourage their clients and other counterparties to do the same. broad adoption of best practices can strengthen each market participant ’ s existing controls, help reduce market disruptions, and ultimately foster greater confidence in the broader financial system.

recovery. we can be confident that our economy will bounce back and that we will see it recover. we need to remember that once the virus is satisfactorily contained, all those factors that have made australia such a successful and prosperous country will still be there. inevitably, the timing and pace of this recovery depend upon how long we need to restrict our economic activities, which in turn depends on how effectively we contain the virus. so it is difficult to be precise and it makes sense to think in terms of scenarios. consistent with this, the bank will discuss some possible scenarios in the statement on monetary policy in a few weeks ’ time. one plausible scenario is that the various restrictions begin to be progressively lessened as we get closer to the middle of the year, and are mostly removed by late in the year, except perhaps the restrictions on international travel. under this scenario we could expect the economy to begin its bounce - back in the september quarter and for that bounce - back to strengthen from there. if this is how things play out, the economy could be expected to grow very strongly next year, with gdp growth of perhaps 6 – 7 per cent, after a fall of around 6 per cent this year. there is though quite a lot of uncertainty around the numbers, with the exact profile of the recovery depending not only upon when the restrictions are lifted but also on the resolution of the uncertainty that people feel about the future. it is harder to make forecasts about the unemployment rate given the uncertainty about how many employees will remain attached to their firm and whether people who are stood down will be looking for employment and thus be counted as unemployed. but it is likely that the 2 / 5 bis central bankers'speeches unemployment rate will remain above 6 per cent over the next couple of years. with many firms delaying or cancelling wage increases, year - ended wage growth is expected to decline to below 2 per cent, before gradually picking up again. in underlying terms, inflation is expected to remain below 2 per cent over the next couple of years. of course, there are other scenarios as well. on the optimistic side, the restrictions could be lifted more quickly, with the virus being contained. in that case, a stronger recovery could be expected, particularly in light of the very large monetary and fiscal support that is in place. on the other hand, if the restrictions stay in place longer, or they have to be reimposed, the recovery will be delayed and interrupted. in that case, the