) as well as work by many other economists. increasingly i felt that public policy had become stuck in out - dated frameworks and that, to a certain extent, we needed to return to first principles and adopt a multi - disciplinary approach to economic policy - making ; as secretary, i also felt the treasury had a responsibility, as new zealand ’ s economics and finance ministry, to turn its vision – working towards higher living standards for new zealanders – into a statement of possibility rather than one of aspiration. but we had to start with developing a framework that was intellectually rigorous, that would challenge the dominant policy paradigm, that was robust enough to meet the challenges that would be thrown at it and that could create a new narrative. effective public policy needs an effective narrative ; developing that framework was girol ’ s job. his enthusiasm for the potential of economics chimed with mine. his intellectual curiosity, and his passion for the living standards agenda rubbed off on many of those he recruited to work on the issues and turn the aspiration to a possibility. that possibility has grown but the journey is not over. today ’ s book launch allows us to reflect on what has been achieved and to take stock of what remains to be done. as a central banker 1 / 2 bis central bankers'speeches who is concerned with macroeconomic stability, i am particularly interested in the management of risk and the development of what i ’ ve described as economic resilience, or the ability of communities to manage economic transitions, whether they are sudden shocks or more gradual movements, all of which are at the heart of intergenerational wellbeing and the challenge of our times. thank you for inviting me to the launch and congratulations again to girol. 2 / 2 bis central bankers'speeches

complementare in italia : caratteristiche, sviluppo e opportunita per i lavoratori ”, banca d ’ italia occasional papers, no. 8. choi, j. j., d. laibson, b. c. madrian, and a. matrick ( 2001 ), “ defined contribution pensions : plan rules, participant decisions, and the path of least resistance ”, nber working paper no. 8655. franco, d. ( 2002 ), “ italy : a never - ending pension reform ”, in m. feldstein and h. siebert ( eds. ), social security pension reform in europe, university of chicago press, chicago. group of ten ( 2005 ), “ ageing and pension system reform : implications for financial markets and economic policies ”, report prepared for the deputies of the group of ten by a group of experts chaired by i. visco, in financial market trends, oecd, paris, november ( supplement 1 ). lee, r. d. and carter, l. ( 1992 ), “ modelling and forecasting the time series of us mortality ”, journal of the american statistical association, september. merton r. c. ( 2006 ), “ observations on innovation in pension fund management in the impending future ”, prea quarterly, winter. mirrlees, j. ( 1997 ), “ the economic consequences of ageing populations ”, philosophical transactions of the royal society, vol. 352. morcaldo, g. ( 2007 ), “ pensioni : necessita di una nuova riforma ”, banca d ’ italia, mimeo. oecd ( 2006 ), pensions markets in focus, no. 3, october. pensions commission ( 2004 ), pensions : challenges and choices, stationery office, london. tuljapurkar, s., li, n. and boe, c. ( 2000 ), “ is there a universal pattern of mortality decline? evidence and forecasts for the g7 countries ”, nature, vol. 405 ( 789 ). visco, i ( 2002 ), “ ageing populations : economic issues and policy challenges ”, in h. siebert ( ed. ), economic policies for aging societies, springer, berlin. visco, i. ( 2006 ), “ longevity risk and financial markets ”, keynote speech to the 26th suerf colloquium,