However, the economic recovery is likely to be uneven and output in some countries, including in some of our major trading partners, is not anticipated to reach pre-crisis levels until 2011. The uncertainty about the pace of the recovery requires us to be prudent in our economic management.
Over that period, we have repeatedly innovated and invested in collaboration with the private sector to transform the payment system,  I am grateful to Kirstin Wells of the Federal Reserve Board for her assistance in preparing this text. The views expressed here are my own and do not necessarily reflect those of the Federal Reserve Board or the Federal Open Market Committee.