16  The G-20’s four core reform priorities are: (1) to make banks safer; (2) to end the problem of financial institutions that are “too big to fail”; (3) to transform shadow banking activities into resilient market-based finance; and (4) to ensure continuously functioning core financial markets. For an update on the reforms, see www.financialstabilityboard.org/publications/r_140411.pdf.
Over the course of the past two years, a variety of negative shocks have affected the U.S. economy, but employment has resumed robust growth after each temporary slowdown: This recovery has been and continues to be powerful in terms of one of our two main targets— employment—and it is my view that the labor market is close to full employment.