These remarks represent my own views, which do not necessarily represent those of the Federal Reserve Board or the Federal Open Market Committee. -2years—a more comprehensive measure of slack that includes shifts in labor force participation as well as unemployment—has recently risen close to its pre-crisis level. In contrast, the picture on inflation is puzzling this far into an expansion.
Stan’s move to the IMF in 1994 occurred on the eve of very momentous events. Together with managing director Michel Camdessus, they navigated the Fund, and the global economy, 1/2  BIS central bankers' speeches  through the turbulence of the 1990’s, which included the Asian and Russian crises, for example. They also witnessed the formation of the euro area.