BIS central bankers’ speeches  3  The Bank’s microprudential responsibilities have also been impacted by global developments with respect to the regulatory and supervisory environment. The Bank, as a member of the Basel Committee on Banking Supervision (Basel Committee), has been an active participant in the deliberations on banking regulatory reform.
Interestingly, some of this work has been coauthored with a former colleague of mine at the Philadelphia Fed, Todd Vermilyea, who now works at the Board of Governors. Today, I plan to talk about the importance of taking a longer-term view in setting monetary policy.