to a growing recognition that those benefits can by - pass poor countries, and poor communities within countries, and that it is in our collective interest that those who are excluded, one way or another, should be helped to help themselves to participate in those benefits. in the context of globalisation, that was reflected in the doha agreement on a new round of world trade negotiations ; and development financing will be the theme of the monterrey summit next month. but there has been increasing recognition, too, that the private sector has its role to play, alongside governments, and it was to encourage and promote the engagement of private sector firms with disadvantaged, excluded, sectors of our society, through charitable and community involvement, that the heart of the city campaign was launched, very successfully under andrew buxton's leadership, last year. i'm encouraged, too, by the evidence of clear community of interest between the financial authorities and the private sector in its commercial activity. their co - operation enabled the system to cope remarkably well with the potential dislocation following the 11th september attacks - and i congratulate the federal reserve in particular and all of you who played a part in that achievement. the same co - operation is contributing now to the international financial war against terrorism, and to the strengthening of our disaster contingency plans. it contributed, too, to the flawless introduction of euro notes and coin into the eurozone - so well managed by the ecb and in which many of you, again, played your part. another example is the intensive consultation and co - operation on the development of the basel 2 regime for banking supervision. i'm encouraged finally by the continuing sense of community among financial professionals here in london. this was movingly evident in their spontaneous demonstration of solidarity with their counterparts in new york following 11th september. but it was evident too in the formation earlier last year of the guild of international bankers, our co - hosts this evening, and of which you, lord mayor locum tenens, are the founding master. it takes on the mantle - or, perhaps more appropriately, takes over the ledger - from the bankers club which has contributed so much to the city's professional esprit de corps over so many years. so it has, as i said, been a long, hard year, president, but it has certainly had its positive moments. and i should like to conclude by paying tribute this evening to the role of the city corporation and of the mayoralty, and their contribution

john c williams : the right tools for our time remarks by mr john c williams, president and chief executive officer of the federal reserve bank of new york, at the international economic symposium co - hosted by the deutsche bundesbank and nabe, eltville, 10 may 2022. * * * as prepared for delivery good afternoon. i'm so pleased to be here with you today. we've waited a long time to gather in person. and i think we can all agree that meeting in this charming location was worth the wait. for most visitors, eltville is renowned for its wine and roses. but for economists, it's a place to convene for weighty discussions on monetary policy. given the events happening around the world today, there is much to discuss. we are meeting at a time of significant economic challenges and uncertainties. inflation has reached levels not seen in decades, both in the united states and in many other countries. and recent events - including the war in ukraine, lockdowns in china, and other supply disruptions related to the ongoing covid - 19 pandemic - are exacerbating near - term inflationary pressures and uncertainty about the global economic outlook. the challenge for monetary policy today is clear : to bring inflation down while maintaining a strong economy. this, of course, is at the heart of the federal reserve's dual mandate of price stability and maximum employment. although the task is difficult, it is not insurmountable. we have the tools to return balance to the economy and restore price stability, and we are committed to using them. before i go any further, i will give the standard fed disclaimer that the views i express here are my own and do not necessarily reflect those of the federal open market committee ( fomc ) or anyone else in the federal reserve system. overheating whenever i talk about monetary policy, i start with the federal reserve's dual mandate : price stability and maximum employment. with the unemployment rate back to very low pre - pandemic levels, and a variety of indicators showing the labor market is very strong, maximum employment has been achieved. but, with inflation rising to unacceptably high levels, we are far from our longer - run goal of 2 percent inflation. high inflation harms those who are most in need. too many families are now struggling to meet the increasing cost of necessities. i am resolutely focused on