matthew elderfield : central bank of ireland ’ s progress in improving financial regulation and supervision opening statement by mr matthew elderfield, deputy governor of the central bank of ireland, to the public accounts committee, dublin, 13 june 2013. * * * i would like to thank the committee for inviting me back to discuss the progress that has been made in improving financial regulation and supervision since i was last here in may 2010, at which time we discussed the comptroller and auditor general ’ s report on the lessons of the financial crisis. there is a lot of ground we could cover, but i think that is best done through our discussion, so let me be extremely brief in my opening remarks. i would like to spend just a few minutes to describe the progress that has been made in three key areas : supervisory capability and approach, regulatory standards and powers and, finally, regulatory philosophy, including the role of enforcement. and then let me just mention one final loose end from the cag ’ s special report 72, which relates to auditor assurance statements. but can i just sound a note of caution at the outset : while good progress has been made in improving financial regulation and supervision in ireland, we are by no means all the way there yet. indeed, as a supervisor you are almost always playing catch up with industry and it is dangerous to think you will get to a point when you can rest on your laurels. so, it is important to maintain the momentum of improvements, to keep the regulatory framework up to date and to ensure supervisory capabilities are always at their best. it ’ s also especially important to be vigilant against backsliding and attempts to compromise the independence or dilute the diligence of regulation, especially when times start to get good. in terms of supervisory capability and approach, it was clear that supervision was underresourced in a range of areas and therefore staffing levels have necessarily increased in the last few years. my original estimation was that the regulatory function of the central bank would need to be some 725 persons - strong, but based on experience, process improvements and efficiencies, i would think that a target level of around 600 is sensible for the end of the current three year central bank strategy in 2015. continually striving to improve quality is also important, by ensuring the right mix of experience and investing in training, so that your supervisors have the skills to challenge firms effectively. ensuring that the central bank can attract and retain the skills it needs

ben s bernanke : five questions about the federal reserve and monetary policy speech by mr ben s bernanke, chairman of the board of governors of the federal reserve system, at the economic club of indiana, indianapolis, indiana, 1 october 2012. * * * good afternoon. i am pleased to be able to join the economic club of indiana for lunch today. i note that the mission of the club is “ to promote an interest in, and enlighten its membership on, important governmental, economic and social issues. ” i hope my remarks today will meet that standard. before diving in, i ’ d like to thank my former colleague at the white house, al hubbard, for helping to make this event possible. as the head of the national economic council under president bush, al had the difficult task of making sure that diverse perspectives on economic policy issues were given a fair hearing before recommendations went to the president. al had to be a combination of economist, political guru, diplomat, and traffic cop, and he handled it with great skill. my topic today is “ five questions about the federal reserve and monetary policy. ” i have used a question - and - answer format in talks before, and i know from much experience that people are eager to know more about the federal reserve, what we do, and why we do it. and that interest is even broader than one might think. i ’ m a baseball fan, and i was excited to be invited to a recent batting practice of the playoff - bound washington nationals. i was introduced to one of the team ’ s star players, but before i could press my questions on some fine points of baseball strategy, he asked, “ so, what ’ s the scoop on quantitative easing? ” so, for that player, for club members and guests here today, and for anyone else curious about the federal reserve and monetary policy, i will ask and answer these five questions : 1. what are the fed ’ s objectives, and how is it trying to meet them? 2. what ’ s the relationship between the fed ’ s monetary policy and the fiscal decisions of the administration and the congress? 3. what is the risk that the fed ’ s accommodative monetary policy will lead to inflation? 4. how does the fed ’ s monetary policy affect savers and investors? 5. how is the federal reserve held accountable in our democratic society? what are the fed ’ s objectives, and how is it trying to meet them