of vanuatu to incorporate financial inclusion in its tasks. by extending its role to include financial inclusion, the reserve bank of vanuatu aims to reinforce the bank ’ s function in promoting monetary stability and sound financial structure and to foster the financial conditions conductive to the orderly and balanced economic development of vanuatu, in line with the reserve bank of vanuatu act [ cap 125 ], part ii, section 3. a lot of ni - vanuatu does not have insurance. this is a sad reality after 32 years of independence. it is now important that insurance especially relating to micro - insurance becomes part of the financial inclusion strategy. i am sure that this topic will be discussed in our workshop and in the next few years i would like to see it integral part of our communities. ladies and gentlemen, the workshop theme “ medium term strategy for financial inclusion in vanuatu ” is timely. financial inclusion is essential to our efforts in fighting poverty and inequality and being innovative and thinking outside the box is key to achieving greater access. we see it in real life, we see it on tv, we hear it on the radio, and we read it in the newspapers. how people in the rural and outer islands struggle to make ends meet is a sad reality for us. dokowia sang a song about “ class six ” and the difficulty of finding a job and putting food on the table. hearing young people saying that their parent could not afford to pay for their education fees is difficult to accept. bis central bankers ’ speeches these are the gloomy realities of how some of our people live. whilst we sit in the comforts of our homes and within the precinct of this luxurious hotel, there are others in our communities that do not have that comfort and living standards that they should have. i am sure that we all have a role to play in financial inclusion and if we all make an effort to play that role well, we can make a difference in the lives of many of our people. after this meeting i would like to see concrete outcomes and i believe that with your experience and expertise it is possible. last but least, i take this opportunity to thank the government, sponsors, presenters and all the participants to this workshop and wish you all a fruitful discussion for the next two days. thank you tumas. merci beacoup. bis central bankers ’ speeches

for release on delivery 2 : 00 p. m. est november 16, 2020 the federal reserve ’ s new framework : context and consequences remarks by richard h. clarida vice chair board of governors of the federal reserve system at “ the economy and monetary policy, ” an event hosted by the hutchins center on fiscal and monetary policy at the brookings institution washington, d. c. ( via webcast ) november 16, 2020 on august 27, the federal open market committee ( fomc ) unanimously approved a revised statement on longer - run goals and monetary policy strategy that represents a robust evolution of its monetary policy framework. 1 the new framework has important implications for the way the fomc going forward will conduct monetary policy in support of its efforts to achieve its dual - mandate goals in a world of low neutral policy rates and persistent global disinflationary pressures. at the september 16 fomc meeting, the committee made material changes to its forward guidance for the future path of the federal funds rate to bring the guidance into line with the new policy framework and, in so doing, provided transparent outcome - based guidance linked to the macroeconomic conditions that must prevail before the committee expects to lift off from the effective lower bound ( elb ). in my remarks today, i would like to look ahead and offer my individual perspective on the consequences of our new framework for the conduct of monetary policy over the business cycle, and i also want to provide some context that connects key elements of our new framework to the literature on optimal monetary policy subject to an elb constraint that binds in economic downturns. let me say at the outset that when i am not quoting directly from the consensus statement and the september fomc statement, the views expressed are my own and do not necessarily express the views of other federal reserve board members or fomc participants. 2 the plan of my talk is as follows. i will first highlight and discuss the five elements of the new framework that define how the committee will seek to achieve its price - stability mandate over time and how, in september, it revised its forward guidance the statement is available on the board ’ s website at https : / / www. federalreserve. gov / monetarypolicy / review - of - monetary - policy - strategy - tools - andcommunications - statement - on - longer - run - goals - monetary - policy - strategy. htm. i would like to thank ellen meade and