jean - claude trichet : views on recent economic developments in the euro area and international financial architecture address by mr jean - claude trichet, governor of the banque de france, at the institute of international finance spring membership meeting held in hong kong on 1 june 2001. * * * ladies and gentlemen, it ’ s a great pleasure for me to share some views with such a distinguished audience on two topics of great importance : the first one deals with recent economic developments in the euro area and the motivations of the last 25bps rate cut by the ecb on its 10 may ’ s meeting. the second point deals with the very important question of international financial architecture. let me start with the first topic. the global outlook for 2001 continues to be characterised by sizeable uncertainties, amid the readjustments taking place in the american and japanese economies, and their impact on the rest of the world. in the united states, however, while the gdp growth estimate for the first quarter of 2001 indicates that the slowdown has been substantial, the economy is still driven so far by firm consumer expenditure. economic activity in the euro area in 2000 expanded at an annualised rate of 3. 4 %, the strongest growth since 1990, driven by buoyant domestic and foreign demand. the general outlook for this year and next one remains positive, even if, clearly, some impact of the american slowdown is already visible. private investment and consumption are expected to continue growing at a sustained pace, whereas the impact of slower world economic growth is expected to weigh on exports, with also a transitory impact on inventories. indeed, economic activity in the euro area is largely determined by domestic factors such as long - term financing costs and disposable income developments, which have remained favourable. furthermore, the still high rates of capacity utilisation in the manufacturing sector, the ongoing growth in employment and continued declines in unemployment should help maintain positive growth in private investment and consumption. employment in the euro area is estimated to have increased by 0. 6 % in the first quarter of 2001, compared with the previous quarter, confirming continued solid job growth creation over the recent months. notwithstanding sustained reductions in the aggregate unemployment rate and relatively rapid employment growth, wage increases in the euro area have so far remained moderate. per capita nominal compensation of employees grew by 2. 0 % in 1999 and by 2. 4 % in 2000, while unit labour costs increased by 1. 3 % and 0. 9 %, respectively

randal k quarles : brief thoughts on the financial regulatory system and cybersecurity speech by mr randal k quarles, vice chairman for supervision of the board of governors of the federal reserve system, at the financial services roundtable 2018 spring conference, washington dc, 26 february 2018. * * * thank you very much for having me here at the financial services roundtable ’ s spring meeting. i am pleased to speak with you all about our financial regulatory system : both the broad principles that have been directing my approach to evaluating the regulatory system, as well as cybersecurity, which is a topic of great import to financial system participants and their regulators. efficiency, transparency, and simplicity of regulation as i have said before, we have an opportunity to improve the efficiency, transparency, and simplicity of regulation. we have spent the past decade building out and standing up the postcrisis regulatory regime, and as a result we have made critical gains. the financial system is undoubtedly stronger and safer. we have robust capital and liquidity levels, an effective stress testing regime, and improved resolvability of our largest firms. but at the same time, it is our responsibility to ensure that those rules are effective. and if we identify rules that are not working as intended, we should make the necessary changes. with the benefit of hindsight and with the bulk of our work behind us, now is a natural and expected time to evaluate the effectiveness of that regime. our efforts toward implementing those principles are underway. federal reserve board staff members continue the review that i have previously outlined. the goal is to consider the effect of past regulatory initiatives on the resiliency of our financial system, on credit availability and economic growth, and more broadly, their costs and benefits. i am confident that that review will reveal some clear ways that we can improve the core post - crisis reforms. cybersecurity let me now turn from regulation to supervision, and more specifically, to the topic of cybersecurity, which continues to be a high priority for the federal reserve. the federal reserve is committed to strategies that will result in measureable enhancements to the cyber resiliency of the financial sector. given the dynamic and highly sophisticated nature of cyber risks, collaboration between the public sector and private sector toward identifying and managing these risks is imperative. while we know that successful cyber attacks are often connected to poor basic information technology hygiene, and firms must continue to devote resources to these basics,