also know, from the survey conducted by the national federation of independent business that while only 8 percent of small businesses list access to credit as their principal immediate economic problem, just 40 percent of small businesses attempting to borrow in 2009 had all of their credit needs met. 4 surveys like the two i just mentioned are informative, but getting a full picture also requires hearing from knowledgeable people with diverse perspectives on these issues. meetings like this one allow us to gather intelligence we and others can use to facilitate the flow of credit to small businesses – for instance, by identifying specific credit gaps, clarifying examiner expectations and procedures, improving coordination of small business support services, and ensuring the availability of technical assistance for loan applications. thus we can help ensure that small businesses are able to participate in and contribute to the recovery. the findings from the entire series of meetings sponsored by the federal reserve will be presented at a culminating conference at the board of governors in washington later this summer. learning from people engaged with small businesses and small business credit, like those here today, is vital if we are to make progress. i look forward to hearing your ideas and concerns, and thank you again for joining us. for example, see board of governors of the federal reserve system, federal deposit insurance corporation, national credit union administration, office of the comptroller of the currency, office of thrift supervision, and conference of state bank supervisors ( 2010 ), “ regulators issue statement on lending to creditworthy small businesses ”, joint press release, february 5. see the april 2010 senior loan officer opinion survey on bank lending practices available on the board of governors ’ website. see william j. dennis, jr. ( 2010 ), small business credit in a deep recession ( washington : national federation of independent business., february ).

barbara novick, vice - chair of blackrock and the author of impactful articles on asset management and public policy ; as well as mr alain papiasse, deputy chief operating officer ( coo ) at bnp paribas, representing the group in north america. barbara and alain are two top market practitioners with a comprehensive experience in both asset management and investment banking. so, dear barbara, dear alain, i hope you will provide us with “ insider ” and complementary visions of what it really means to finance the economy. • and finally let me introduce mr thomas philippon, a distinguished academic from nyu, notably specialized in the evolution of the financial industry. dear thomas, your research on the financialization of the economy will provide a unique viewpoint by putting in perspective the links that exist between the financial industry and the economy. thank you all for being with us today. let me now give the floor to our panelists. i suggest that each speaker delivers a 10 - minute presentation before we start the actual discussion between the members of the panel and turn later on to the audience. mrs bair will speak first, followed by mrs novick, then professor philippon and eventually mr papiasse. sheila, would you start? bis central bankers ’ speeches