After the second quarter figures, which were still slightly negative, this positive growth confirms that we have indeed come out of the period of free fall which characterised the six months following the collapse of Lehman Brothers. The figures confirm our baseline scenario, that of a progressive and gradual revival of the economy.
*  *  *  It is my pleasure to address this distinguished group that President Poole and his colleagues have assembled to consider the timely issue of transparency in monetary policy. We at the Federal Reserve are given two mandates that are not often spelled out explicitly. First, to implement an effective monetary policy to meet our legislated objectives.