The advantages of FDI should not primarily be seen in terms of foreign exchange flows but rather for the benefits of technology and skills transfer, employment creation and enhanced international linkages. We must continue to ensure an efficient payments and settlement system. Without this you cannot have an efficiently functioning economy.
The question of employment is not our focus today, but we should pause to underscore the promotion-of-maximum-employment imperative of the Federal Reserve’s dual mandate. I believe that this imperative has broad importance in American social and economic life. But economic inclusion also implies a kind of belonging and membership in the economy that goes beyond employment.