furthermore, it is a basic fact that the next 50 years will see the rapid economic development of the emerging countries – large and medium - sized, considering that apart from china and india, the number of asian emerging economies in the asean equals that of the entire european union. is it a question of refounding capitalism? when i started my career in international economics, there was still an “ east ” and a “ west ”, and a “ north ” and a “ south ”. today, however, there is a remarkable conceptual unification at the global level. be it within the g20, with ministers and governments or with the central bankers in basel, we work on the basis of one simple principle : namely, that a market economy is still the most appropriate means of generating wealth. the crisis has not only highlighted the importance of participating in a market economy, it has thrown it into stark relief. this is something that has not been challenged by the emerging countries, which comes as no particular surprise, for example, to those who, like me, knew emerging asia 30 years ago and can see asia today. the results of the introduction of the rules of the market economy in asia are so evident that they are undeniable. at the same time, however, these same countries and the entire international community are saying that it is unacceptable to have a global market economy that is so lacking in strength, soundness and resilience. we need to systematically draw all the lessons we can from the current crisis – without exception and without taboos. in essence, i do not believe that our democracies would again jump to the aid of the financial and the real economy in the same way that they have this time. we are compelled by our democracies to be successful in significantly improving the stability of the international economy. the public is shocked by banks ’ return to profits, a situation sometimes compounded by behaviour deemed irresponsible or arrogant... i would say that those, particularly in the financial sector, who believe that the economy has picked up where it left off, as though nothing has happened, are deeply mistaken. if the financial system is functioning again today, it is precisely because both central banks and governments provided a considerable amount of support. from both sides of the atlantic, a total amounting to between 25 % and 30 % of gdp has been made available at the taxpayer ’ s risk. it is irresponsible to think that the recovery of the financial sector has

janet l yellen : small businesses and the recovery speech by ms janet l yellen, chair of the board of governors of the federal reserve system, at the national small business week event, us chamber of commerce, washington dc, 15 may 2014. * * * thank you, administrator contreras - sweet, i am pleased to be at the u. s. chamber, to have this opportunity to be part of small business week, and to meet the outstanding entrepreneurs here this evening. i am also grateful to be able to share a few thoughts on the important role i believe small businesses have played and will continue to play in america ’ s recovery from the financial crisis and the great recession. after the onset of the crisis, the federal reserve took extraordinary steps to stabilize the financial system and halt the plunge in economic activity. since then, the fed has continued to use its monetary policy tools to promote the recovery and make progress toward our mandated objectives of maximum employment and price stability. by putting downward pressure on interest rates, the fed is trying to make financial conditions more accommodative – supporting asset values and lower borrowing costs for households and businesses and thus encouraging the spending that spurs job creation and a stronger recovery. crucial to this process, as i just mentioned, is job creation. the federal reserve tries to promote the conditions to foster job creation, but, overwhelmingly, it is businesses that create the jobs. about 85 percent of nonfarm employment is in the private sector, which traditionally is the source of a similarly large share of new jobs during economic expansions. so far during this expansion, public - sector employment has declined and the private sector has accounted for all of the net increase in employment, so businesses have been even more crucial to job creation than usual. small businesses, of course, are responsible for a large share of these new jobs. according to the latest data from the labor department, a little more than half of the net number of jobs created since employment began growing in 2010 has been generated by firms with fewer than 250 employees, and most of that amount was accounted for by firms with fewer than 50 employees. 1 one of the reasons i wanted so much to be here this evening was to be able to acknowledge these important contributions. america has come a long way since the dark days of the financial crisis, and small businesses deserve a considerable share of the credit for the investment and hiring that have brought that progress. although we have come far, it is also true that we have