Ladies and Gentlemen: The third benefit is to enhance information symmetry and support financial development. The existing state of information asymmetry between borrowers and banks is a constraint to innovation. Two important outcomes in information asymmetry: moral hazard problems from the borrowers and adverse selection from the banks. These two problems could punish the economy with low provision of credit.
Overall, the recent data on the labor market and aggregate spending suggest that we are 4/8  BIS Central Banker's Speeches  continuing to move toward full employment, but that progress has been, and likely will be, somewhat gradual. This year, monthly job gains have averaged 180,000, below last year’s pace but still sufficient to reduce labor market slack.