economic resurgence. the critical determinant of success was the ability of leaders in those cities to collaborate across sectors around a long - term vision for revitalization. to encourage such collaboration in other cities, the boston fed facilitated competitions that reward effective public - private collaboration in developing plans to reach community - wide goals. for example, holyoke, massachusetts, proposed a plan to simplify the city ’ s permitting and licensing systems in order to raise the presence of latino - owned businesses. on economic revitalization, as in other areas of community development, effective solutions start with the community setting its own goals, are powered by broad collaboration, and rely on evidence to drive results. see autor, dorn, and hanson ( 2013 ) and pierce and schott ( 2016 ). see ganong and shoag ( 2015 ) and references therein. - 16 conclusion we all have our work cut out for us in helping to understand the state of opportunity and inclusion for different groups and communities across our country, and ensuring that policy is informed by those important insights. at the federal reserve, we will continue to navigate the recovery to ensure we reach and sustain our long - term goals of maximum employment and price stability. we will remain attentive to the financial health of vulnerable households. and we will remain committed to helping illuminate the specific challenges faced by low - and moderate - income communities around the country and to supporting banks and other financial institutions as they partner in strengthening these communities. in all of these efforts, our work will be greatly strengthened by the cutting - edge research and policy insights of the outstanding group gathered here tonight. - 17 references aaronson, daniel, luojia hu, arian seifoddini, and daniel g. sullivan ( 2014 ). “ declining labor force participation and its implications for unemployment and employment growth, ” federal reserve bank of chicago, economic perspectives, vol. 38 ( fourth quarter ), pp. 10038, https : / / www. chicagofed. org / publications / economic - perspectives / 2014 / 4qaaronson - etal. adelino, manuel, antoinette schoar, and felipe severino ( 2016 ). “ loan originations and defaults in the mortgage crisis : the role of the middle class, ” review of financial studies, vol. 29 ( july ), pp. 1635 - 70. altonji, joseph g., and rebecca m. blank ( 1999 ). “ race and gender in

andreas dombret : supporting the global economy – a laudation to hubert temmeyer welcoming address by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the international monetary fund ( imf ), washington dc, 30 march 2016. * * * dear mr. temmeyer, dear mr. lipton, ladies and gentlemen, the last five years have passed rather fast, and i still remember the nomination of mr hubert temmeyer as the executive director for germany in early 2011. in these five years, many remarkable and often challenging topics have been dealt with in the executive board. this includes the wide - ranging quota and governance reforms which have accompanied mr temmeyers term as executive director from the beginning. becoming executive director shortly after the decision in december 2010, the ratification process took about five years to be completed, somehow crowning mr temmeyers term in office. also, i think of the latest discussions on the international monetary system, the adequacy of the global financial safety net architecture, and the adequacy of the funds resources as highlights of mr temmeyers term. all of us attach great importance to a well - functioning and stable international monetary system. this, in my view, depends first of all on providing the proper incentives for all “ players ” to pursue sound policies, and the imf as the “ guardian of the international monetary system ” has a crucial role here. success of imf will depend on foresight, learning and self - critical attitude also in the future. the imf is at the core of the global financial safety net ( gfsn ). as the only truly global lender for countries in need. given the importance of trust in and the credibility of the gfsn, we should be careful about the fund ’ s characterization of the gfsn as “ fragmented ”. the wording suggests it to be “ broken ”, a view that we do not share. we see the gfsn as quite strong and not in need of repair or new coordination mechanism between the imf and other elements of the gfsn, including swap arrangements by central banks. we are also somewhat more cautious towards seeing the imf as an insurer or a “ fully comprehensive ” financier for countries. its monetary mandate, its unique financing structure, its preferred creditor status and its rich, but always limited resources provides it with strong “ muscles ” to fulf