It has the potential to lift billions out of poverty, vastly expand economic prospects, and develop a more diverse and resilient global economy. However, globalization also brings stresses, so policy-makers will need both discipline and new frameworks to realise its promise. The financial crisis has accelerated the shift in the world’s economic centre of gravity.
In setting monetary policy, I continue to be guided by our dual-mandate goals of maximum employment and price stability. I, like my colleagues on the FOMC, am committed to bringing inflation back to its 2 percent target over time, which will lay the foundation for sustainable strength in the labor market and the U.S. economy. Thank you.