With this massive reform introduced in one stroke in 1991, the stage was set for a policy framework that encouraged new entry, introduced new competition, both domestic and foreign, which thereby induced the attainment of much greater efficiency in industry over a period of time.
I want to thank our research conference committee for putting together this high-caliber research conference, which has gathered distinguished speakers and guests from around the world and, I am sure, will add to our understanding of the implementation and transmission of monetary policy. Welcome to the Federal Reserve Board. I hope you all have enjoyable and productive discussions over the next two days.