approach that uses all available tools and considers all relevant factors. we should also carefully consider whether our approach is appropriate in the moment : are the federal banking agencies acting in a consistent manner in their bank supervisory activities? are federal banking agencies coordinating appropriately with state banking agencies when reviewing state - chartered banks? and fundamentally, are supervisory decisions being driven by a comparison or horizontal review of differences among institutions that may have very different business activities and risk profiles? are supervisors acting pro - cyclically, or overreacting to the events of march 2023? when agencies adopt a more adversarial approach to supervision, or apply standards that are disproportionate to risk, does that negatively impact a bank's ability and willingness to engage in open communication with their examiners? asking these questions can help us appropriately calibrate our revised approach to banking supervision and help us avoid reacting in a way that is disproportionate to an institution's risk to the banking system. before concluding my prepared remarks, i'd like to discuss the federal reserve's and the other federal banking agencies'rulemaking agenda. a number of rules have been proposed for comment or are currently in the pipeline. some have already been published for comment including the proposal to implement basel iii " endgame " by significantly expanding capital requirements and bringing the threshold for compliance down to include all banks over $ 100 billion in assets from only the largest gsib banks, and the expansion of the long - term debt requirement from only the largest banks again to all banks over $ 100 billion in assets. still other proposals have not yet been published or moved to the next stage of the rulemaking process, including the community reinvestment act rulemaking, the further consideration of climate guidance, and others. the board has also publicly indicated it may propose additional revisions in the future to regulation ii. the scope of some of these reforms will be extensive and could reshape the contours of the bank regulatory framework in important ways, including for community banks. it is critical that stakeholders engage in the comment process and communicate with policymakers to share their views on the rulemaking agenda, including the specific impacts - intended and unintended - of any changes. public comments, data, and analysis help to inform decisions made throughout the rulemaking and proposal process. the bankers in this room and across the country are vitally important to the banking system, and to the broader economy, and it is important that as reforms take

of change in the core cpi is expected to remain at around 0 percent for the time being, but thereafter is expected to record a clear year - on - year increase in fiscal 2013. this outlook, however, is subject to various uncertainties, among which future developments with regard to the european debt problem continue to represent the most significant risk to the economy. its effects are already spreading to japan ’ s exports and production, both directly and indirectly through international trade. attention should therefore continue to be paid to the possibility that the european debt problem could lead to weaker growth in overseas economies – and consequently in japan ’ s economy – mainly through its effects on global financial markets. in the united states, strains from balance - sheet repair, as mentioned earlier, continue to weigh on the economy despite some firmness observed in household sentiment on the back of improvements in the employment and income situation. with regard to emerging and commodity - exporting economies, which are expected to drive global economic growth, there remains a high degree of uncertainty about whether these economies – including china, where the inflation rate has been declining recently – can achieve price stability and economic growth at the same time. regarding the outlook for prices, there is a possibility that the inflation rate will rise more than expected if international commodity prices increase due to geopolitical risks such as those associated with the situation surrounding iran, while there is also a risk that the rate of inflation will deviate downward from the bank ’ s baseline scenario due, for example, to a decline in medium - to long - term inflation expectations resulting from a slowdown in economic activity. ii. measures taken by the bank a. recent conduct of monetary policy toward a sustainable growth path with price stability with a view to overcoming deflation and returning japan ’ s economy to a sustainable growth path with price stability, the bank continues to consistently make contributions as the central bank, through the three - pronged approach of pursuing powerful monetary easing consisting of comprehensive monetary easing, ensuring financial market stability, and providing support to strengthen the foundations for economic growth. 1. pursuing powerful monetary easing the bank decided the following three new measures at the monetary policy meeting held on february 13 and 14, 2012. bis central bankers ’ speeches a. introduction of “ the price stability goal in the medium to long term ” first, the bank introduced “ the price stability goal in the medium to long term, ” which is the inflation rate that the bank judges to be consistent with price stability sustainable over the medium to long term. prior