directors of the division of research and statistics and the division of international finance. each report summarizes what we refer to as the greenbook, which is prepared by a team of economists. the time between receipt of the greenbook and the reports by the directors is a time of intense study and preparation by the fomc members. governors often schedule briefings from fed economists besides conducting their own individual reviews. the materials typically arrive on our desks late thursday or early friday and our board review of economic conditions occurs the following monday morning. in our household, my family has learned that my time during the weekend before an fomc meeting is often largely consumed in preparation for it. while the preparation for fomc members is very intense, i would be remiss if i did not give full credit to the effort of the economists preparing the reports. fed staff economists hold off their greenbook preparation until the last possible minute and supplement it just before the meeting with the most up - to - date economic data releases and developments. the federal reserve board has, over time, developed powerful econometric modeling tools to assist our understanding of the many interrelated economic forces. in large part because human behavior cannot be modeled, we cannot fully anticipate all the factors that can affect our economic policy, and no econometric model can predict perfectly. therefore we often review alternative scenarios that may reflect different ways in which the economy may respond in a variety of situations. after the economists'reports, we turn to the presidents and governors. typically the presidents report first on regional economic developments as well as on their independent views on the national economy. not surprisingly, economists from the banks and the board largely agree, but occasionally discernable differences exist, particularly with respect to economic forecasts. the presidents'reports often include anecdotal updates from businesses or other sources to provide real - time information on regional economic activity. following the presidents'presentations, the fed governors provide their individual analyses. our presentations focus largely on analysis of the current condition of the economy and, for the most part, do not contain monetary policy recommendations. after each of the fomc members has spoken, the director of the division of monetary affairs presents the bluebook, with prospective policy options for the committee's consideration. in my time on the fomc, generally two or three options have been presented, each accompanied by a list of pros and cons. after the presentation of policy alternatives, f

of the international monetary fund is currently under review. one aim of the reform efforts is to ensure a fair and adequate voice for all members of the imf by aligning the distribution of quotas with countries ’ relative positions in the world economy. ladies and gentlemen, today we are celebrating the 75th anniversary of the central bank of the republic of turkey. i wonder what the world economy will look like in 2073, when my institution, the european central bank, will celebrate its own 75th anniversary. of course, it is nearly impossible to tell. there is one certainty, however : the emerging markets of today will play a key role in shaping the future. thank you very much. [ tesekur ederim ]