william c dudley : remarks at the regional employment press briefing remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the 2010 regional employment press briefing, new york, 14 april 2010. * * * good morning and welcome to the new york fed ’ s 2010 regional employment press briefing. the past few years have been an extraordinary time for policymakers. we have been very aggressive in providing support to the economy and it now appears that we are emerging from a deep and protracted recession. economic activity expanded over the second half of 2009, suggesting that a recovery has begun. while we continue to receive encouraging news, growth is likely to be muted compared with the early stages of past recoveries. as a result, the unemployment rate is likely to decline over the near term at a very gradual pace, if at all. in the labor market, employment has begun to expand. we hope this is the beginning of a sustained period of job growth. total employment shrank by roughly 8 million jobs since the peak of the cycle, and the current unemployment rate of 9. 7 percent remains unacceptably high. at the regional level, here in the new york - new jersey region, the labor market was not hit as hard as in many areas in the country, and the pace of job losses in our region has eased. nevertheless, the unemployment rate in new york and new jersey has risen to levels not seen in almost two decades. in new york city, employment has typically recovered more than a year later than the recovery of national employment and has, in the past, been led by a recovery of wall street employment. although upstate new york has seen little overall job growth for the past several decades, job losses in this downturn were not as severe as losses for the nation, in part, because the upstate metro areas did not experience a boom - and - bust housing cycle. in addition, puerto rico, which is also part of our district, has experienced a considerably longer and deeper downturn than the mainland or this region. before i continue, it is important to explain the integral role of the federal reserve system in regional economies across the country. one of our key responsibilities here at the federal reserve bank of new york is to connect the federal reserve system to main street across our district. real activity takes place on main street in the form of the millions of decisions made every day by households and businesses around the country. when we talk to them, we

closing remarks for the 13th edition of the regional seminar on financial stability florin georgescu, first deputy governor of the national bank of romania bucharest, september 13, 2019 distinguished guests, ladies and gentlemen, we have reached the end of the 13th edition of the regional seminar on financial stability and it is my pleasure to provide some closing remarks. after two days of interesting presentations and intense debates, i will try to summarize some of the ideas presented here. in this year ’ s edition of the financial stability seminar, whose topics was “ inclusion and financial stability ”, we have discussed about : o financial inclusion and income inequality o correlation between macroprudential policy and financial inclusion o access to banking financing o climate - related risks all these were discussed in the context of financial stability. some of the subjects, like macroprudential policy and its effects, were discussed in - depth these days, but also in the previous editions of the seminar. and that ’ s how it should be. this policy represents a key element in ensuring financial stability. macroprudential policy, according to esrb recommendation, has ” the ultimate objective to contribute to the safeguard of the stability of the financial system as a whole, including by strengthening the resilience of the financial system and decreasing the build - up of systemic risks, thereby ensuring a sustainable contribution of the financial sector to economic growth ”. on the other hand, the focus of micro - prudential supervision is to safeguard individual financial institutions from idiosyncratic risks and prevent them from taking too much risk, while ensuring the consumer protection of both investors and depositors. in the past years, many of these issues have been addressed. in terms of macroprudential policy, we have seen in all the european countries measures implemented on the supply side, namely capital buffers, and in some member states even measures on the demand side. this is also the case for romania which introduced debt service - to - income and loan - to - value requirements. 1 / 4 some of the topics, like financial inclusion and inequality are just as important as macro and microprudential policies and i welcome the fact that some presentations addressed these aspects. financial inclusion and income inequality are more and more a subject of interest for central banks. it is a topic that was on the agenda of a previous financial stability seminar and today ’ s also, and in my opinion, it deserves a special attention. the papers discussed these days lead to the idea that higher financial inclusion