output per hour worked have been made possible by the harnessing of advances in technology in every aspect of business life. the lessons learned at institutions such as the olin school are being applied everywhere to trim inventories, shorten supply chains, and enhance firms'responsiveness to their customers'needs. faster productivity growth implies that workers can look forward to more rapidly rising real wages over time. because the economic pie will be getting larger, those wage gains will not come at the expense of profits. but we must also remember the unpleasant arithmetic attached to those gains in productivity of late. thus far in the economic recovery and expansion, firms have been able to meet increased demand for their products without adding workers. i would not be credible before this audience if i did not recognize that some may have had trouble finding employment and a few may still be uncertain of their next job opportunity. indeed, over the past year, about one - half million private payroll jobs in the nonfarm sector have been lost. because aggregate supply can increase rapidly, aggregate demand also has to grow faster than its recent pace to ensure that economic slack does not build up. indeed, given the existing level of slack in labor and product markets, the economy should be able to enjoy above - trend growth for some time without putting undue pressure on resources. recognizing that the economy is experiencing price stability, i also accept that the central bank should work to create conditions conducive to closing the gap between output and the ability of our economy to produce, thereby fostering utilization of resources, including labor. with the sound fundamentals that are now in place, i believe that such an outcome will be achieved. that said, an economic system such as ours that relies on the separate decisions of millions of people working to further their self - interest will be sensitive to expectations and sentiment. as a result, economic outcomes can change quickly and are thus difficult to predict. the difficulties of prediction pose a challenge to monetary policymakers : we prefer to act in advance of, rather than in reaction to, economic developments so as to minimize disruptions to economic activity. we cope with the challenge of prediction as best we can by devoting substantial resources to economic forecasting, by monitoring developments in financial markets, by speaking regularly with an extensive network of business contacts, and by being flexible with our policy actions. but the reality is that the private sector cannot look to the central bank to eliminate all risk. real decisions have uncertain outcomes, and sometimes the result is

have long been known to be an effective supervisory tool to ensure compliance, the tool of education should be used in the first instance for more effective results. the fatf has highlighted the importance of education which is a key supervisory tool for effective aml / cft systems. supervisors are students and also trainers, not only instilling knowledge, but also transforming compliance cultures of regulated entities. 1 / 2 bis central bankers'speeches so, ladies and gentlemen, may i wish you fruitful deliberations in this workshop, which i hope will bring added value to your work in the area of beneficial ownership. thank you for your attention. 2 / 2 bis central bankers'speeches