points. i gave my perspective as a central banker on the importance of resolution and the limits of monetary policy. to be ready for the next crisis – or rather to avoid it – we need to resist the analogy of a swinging pendulum. we must also be critical of relaxing post - crisis regulation such as mrel. i also identified funding in resolution as the critical missing link in the framework. i wish you all pleasant and productive discussions. i trust that after today, you will be better equipped in your journey to make banks resolvable.

deposits to depository institutions, which immobilizes bank reserves for the period of the deposit. bis central bankers ’ speeches term political pressures. considerable evidence supports the view that countries with independent central banks enjoy better economic performance over time. 6 however, in our democratic society, the federal reserve ’ s independence brings with it the obligation to be accountable and transparent. the congress and the public must have all the information needed to understand our decisions, to be assured of the integrity of our operations, and to be confident that our actions are consistent with the mandate given to us by the congress. on matters related to the conduct of monetary policy, the federal reserve is one of the most transparent central banks in the world, making available extensive records and materials to explain its policy decisions. for example, beyond the semiannual monetary policy report i am presenting today, the fomc provides a post - meeting statement, a detailed set of minutes three weeks after each policy meeting, quarterly economic projections together with an accompanying narrative, and, with a five - year lag, a transcript of each meeting and its supporting materials. in addition, fomc participants often discuss the economy and monetary policy in public forums, and board members testify frequently before the congress. in recent years the federal reserve has also substantially increased the information it provides about its operations and its balance sheet. in particular, for some time the federal reserve has been voluntarily providing extensive financial and operational information regarding the special credit and liquidity facilities put in place during the financial crisis, including full descriptions of the terms and conditions of each facility ; monthly reports on, among other things, the types of collateral posted and the mix of participants using each facility ; weekly updates about borrowings and repayments at each facility ; and many other details. 7 further, on december 1, as provided by the dodd - frank wall street reform and consumer protection act of 2010, the federal reserve board posted on its public website the details of more than 21, 000 individual credit and other transactions conducted to stabilize markets and support the economic recovery during the crisis. this transaction - level information demonstrated the breadth of these operations and the care that was taken to protect the interests of the taxpayer ; indeed, despite the scope of these actions, the federal reserve has incurred no credit losses to date on any of the programs and expects no credit losses in any of the few programs that still have loans outstanding. moreover, we are fully confident that independent assessments of these programs will show that they were highly effective