in the overall degree of free trade even without a concerted shift in national policies. thus, it is crucial to maintain public pressure for free trade. first, it is important to continue to educate the public and create a political environment supportive of free trade. in this respect, targeted criticisms of protectionist actions may be more effective than general paeans to free trade. in a recent speech, my colleague, william poole, urged journalists describing trade restrictions to ask who gains, who loses, and what is the net gain or loss for the economy as a whole? 28 i very much support that sentiment. second, it is crucial to implement policies that foster stability and economic growth. reducing unemployment and diminishing economic insecurity will likely be more effective against protectionism than a thousand speeches like this one. toward that end, the federal reserve will do its part by working to promote stable financial conditions and sustainable, noninflationary growth. as of march 2004. u. s. customs and border protection ( 2004 ), continued dumping and subsidy offset act fy 2003 annual report ( washington : cbp ). gary clyde hufbauer and kimberly ann elliot ( 1994 ), measuring the costs of protection in the united states ( washington : institute for international economics ). william poole ( 2004 ), free trade : why are economists and noneconomists so far apart? speech prepared for the trade, globalization, and outsourcing conference, reuters america, inc., new york, june 15.

. the different ways in which we experience artworks would appear to be a rich seam of inspiration, particularly given our respective banks ’ collections. “ art in the workplace ” does, after all, offer a very special situation in which to encounter creativity. day - to - day working life tends to revolve around performing a clear set of tasks and the routines they entail. there ’ s no denying that artworks in the workplace can sometimes also be a disruptive element, or quite literally “ get in the way ” whenever technical equipment or the like is being installed. and yet time and again, there are moments in which a work of art does indeed catch our eye, thereby creating another setting in which the topic “ art & viewer ” comes to the fore. the thematic group entitled “ back to figuration ” brings together works whose very format alone makes them stand out. for the most part, these are paintings dating back to the 1980s – a time in which a group of artists deployed gestural brushstrokes and applied layer upon layer of paint in revisiting figurative art. representational though these works may be, there is more to them than just a depiction of reality. these brief remarks are all i would like to say about the exhibition. no doubt you will make many more discoveries this evening – particularly in the way the exhibits contrast with one another – and be inspired to “ build dialogues ” of your own. and you wouldn ’ t be alone – on our first tour of the exhibition, pierre wunsch and i both found that this setting made artworks we knew from offices and conference rooms appear in a whole new light. before i conclude, let me just say how grateful i am to everyone who made the exhibition project such a success. i owe particular gratitude to yves randaxhe and anne bambynek, the curators of the belgian art collection. together with their counterparts from frankfurt, iris cramer and anja hagebarth, they have devised the exhibition in an ongoing dialogue, and the end result is most impressive. this art exhibition is uncharted territory for us, too. we ’ re delighted to have this forum to present our collections beyond the confines of our respective central banks. let ’ s hope that our invitation to “ build a dialogue ” with artworks which are otherwise reserved for our colleagues, guests and visitors will meet with the interest of the general public. thank you for your attention. 2 / 2 bis central bankers'speeches