randal k quarles : the federal reserve ’ s regulatory agenda for foreign banking organizations – what lies ahead for enhanced prudential standards and the volcker rule speech by mr randal k quarles, vice chairman for supervision of the board of governors of the federal reserve system, at the institute of international bankers annual washington conference, washington dc, 5 march 2018. * * * thank you very much to the institute of international bankers for inviting me to speak here today. among my first areas of focus when i was a very young lawyer starting out in my career well over 30 years ago was providing advice to foreign banks and financial firms operating in the united states, and i learned then just how integral, essential, and welcome a part your firms play in our domestic financial sector. non - u. s. firms serve as an important source of credit to u. s. households and businesses and contribute materially to the strength and liquidity of u. s. financial markets, so it is critical — not just as a matter of fairness but as a matter of our domestic interest — that we as regulators ensure that they operate in a fair and open financial services sector. i view that as an important part of my job. so today i want to share my perspective on the appropriate regulatory environment for foreign banks operating in the united states, as well as some thoughts on specific elements of that regime. before doing that though, we should take stock of the pre - crisis history of foreign firms operating in the united states. first, the financial crisis revealed that in times of stress, international banking firms with large and complex local operations can contribute to instability in those local markets and can require extraordinary support from local authorities. second, a number of foreign financial institutions expanded the size and complexity of their u. s. operations at a rousing pace and scale prior to the crisis, and we did not adjust our local regulatory and supervisory approaches to address the increased risk associated with this expansion. as a result, the difficulties faced by the u. s. operations of non - u. s. banks during the crisis mirrored that of their similarly sized domestic counterparts, underscoring a need for increased resiliency of both domestic firms and the u. s. operations of foreign banks. to bolster that resiliency, the environment for foreign banks operating in the united states underwent a number of changes. while there are important differences, those changes for foreign firms broadly parallel many of the changes instituted for domestic firms.

christian noyer : inflation, europe ’ s response to the debt crisis, emerging - market economies and priorities for the g - 20 – interview in the wall street journal interview with mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, in the wall street journal, paris, conducted by mr brian blackstone and ms nathalie boschat on 24 january 2011 and published on 26 january 2011. * * * wsj : the european central bank recently toughened its stance on inflation. how concerned are you about the risks of inflation taking hold in the euro zone? noyer : the uptick in inflation is mostly due to the rise in oil and commodity prices. core inflation has remained relatively subdued. by nature, that [ the rise in inflation ] should be temporary. our projections show that the inflation rate should come back to a zone perfectly in line with our definition of price stability during the course of 2011. as a central bank, we are very attentive to the only risks that exist in such a situation, which is that there might be second - round effects – an acceleration of inflation due to other causes – wages and other dynamics of internal costs. this is why we are vigilant about all those evolutions. i am quite confident that we will be able to keep inflation at bay. that includes sending the message that we will never tolerate that inflation could become entrenched. we are determined not to let inflation become entrenched through second - round effects. it is this determination that would permit us to keep expectations where they are. wsj : since the current rise in inflation is due in large part to the buoyancy of emerging countries, are you worried that controlling inflation is to some extent out of your control? noyer : it ’ s true that there are factors beyond our direct control. but there are also structural answers to these factors, such as development of production, in order to limit the rise in agricultural prices. there are possibilities, and the level of prices helps a lot to develop production and alleviate the pressure. when we look at the global picture of economy, there are emerging countries which have suffered less from the economic crisis and advanced economies which had to recover from a much lower growth and even recession. that in turn creates problems for emerging economies, including the fact that some of them have hesitated to run the fiscal and monetary policy that would have been absolutely appropriate given the state of their