•  President Plosser points out that before offering new forward guidance, the FOMC ought to be clear about its purpose. Is it purely a transparency device, or is it a way to commit to a more accommodative future policy stance to add more accommodation today? •  President Plosser notes that commitment is required to be successful in either approach to forward guidance.
*  *  *  Ladies and Gentlemen, Let me start by expressing my appreciation to the European System of Central Banks’ Payment and Settlement Systems Committee for taking the initiative to organise this workshop on cyber resilience and to the representatives of other authorities and the financial market infrastructures (FMI) community for coming here today to discuss with us this very important topic in the international agenda.