barbara novick, vice - chair of blackrock and the author of impactful articles on asset management and public policy ; as well as mr alain papiasse, deputy chief operating officer ( coo ) at bnp paribas, representing the group in north america. barbara and alain are two top market practitioners with a comprehensive experience in both asset management and investment banking. so, dear barbara, dear alain, i hope you will provide us with “ insider ” and complementary visions of what it really means to finance the economy. • and finally let me introduce mr thomas philippon, a distinguished academic from nyu, notably specialized in the evolution of the financial industry. dear thomas, your research on the financialization of the economy will provide a unique viewpoint by putting in perspective the links that exist between the financial industry and the economy. thank you all for being with us today. let me now give the floor to our panelists. i suggest that each speaker delivers a 10 - minute presentation before we start the actual discussion between the members of the panel and turn later on to the audience. mrs bair will speak first, followed by mrs novick, then professor philippon and eventually mr papiasse. sheila, would you start? bis central bankers ’ speeches

alan bollard : keeping inflation anchored during economic recovery speech by dr alan bollard, governor of the reserve bank of new zealand and mark blackmore, special adviser, economics department, to the taranaki chamber of commerce, new plymouth, 19 august 2010. * * * the main theme of my commentary today is inflation during the recovery, what we expect to happen with the forthcoming increase in gst and what it means for monetary policy. the new zealand economy is into its second year of recovery with much of the ground lost during the recession already made up. the economy has been growing since the june quarter of 2009 and we are now in this september quarter in the sixth quarter of growth. initially growth was very muted but it picked up a little momentum towards the end of last year. compared with some past recoveries this is certainly not a fast or robust one. so far, it is comparable with the initial slow rebound from the 1991 recession. it lags behind the 1998 / 99 recovery from the east asian crisis, which is probably freshest in most peoples ’ minds. we should not really be surprised by the gradual nature of the recovery. the global shock that hit us was, something like a once - in - a - generation event. we also still have to work off some of the excesses of the past expansion, such as high levels of private indebtedness along with reducing the fiscal deficit. these will remain a drag on growth for some time yet, as they are in a number of oecd countries. as a result the recovery still has some fragility about it. we do, however, expect gdp growth to continue, with the emphasis on export growth as household and business spending remain subdued. this outlook and the associated policy implications will be reviewed over coming weeks as we prepare the september monetary policy statement. what does this imply for inflation? inflation has been well contained recently, with consumer prices increasing 1. 8 percent in the 12 months to the june quarter this year. this marks five consecutive quarters where annual consumer price inflation has been at or close to the midpoint of the reserve bank ’ s 1 to 3 percent inflation target. it is worth noting that this contained inflation picture comes after a period of very strong growth in the prices of domestic assets and international commodities. both played a major part in the strong inflation pressures new zealand experienced in the mid - 2000s. how does this inflation performance compare with other countries? globally, consumer price inflation has reduced as a