SPEECH  The Song Remains the Same June 01, 2022 John C. Williams, President and Chief Executive Officer Remarks at the New York Fed and Columbia SIPA Monetary Policy Implementation Workshop, New York City As prepared for delivery  Good morning, everyone. I'd like to give my thanks to Columbia University's School of International and Public Affairs for partnering with the New York Fed once again and for hosting us today. It's wonderful to be here and to see so many colleagues who have traveled from near and far to attend this workshop. We'll have many important conversations over the next two days. To kick us off, I'm going to share some observations on the digital transformation of money and payments. I'll also discuss the potential implications for monetary policy implementation and for central banks more broadly. Before I begin, I must give the standard Fed disclaimer that the views I express here are my own and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or anyone else in the Federal Reserve System. I will get to payments technology in a minute. But first allow me to take you back to the year 1877. You're amazed at the sound of music coming out of a new invention—the phonograph. Fast-forward a century, and you're listening to your favorite band on a cassette tape. In the 1980s, it's a CD. In the 2000s, you're scrolling through the greatest hits on your iPod.
Turning to the future, the big question is what a world of digital currencies like stablecoins and CBDCs would mean for the implementation of monetary policy. How will central banks anticipate and adapt to the changing landscape brought on by the possibility of digital currencies? There is much more to discuss about these important considerations in a fast-changing world. As central bankers, it's critical that we remain focused on carrying out our responsibilities, while keeping pace with the world around us. And that's what brings us here today. This workshop is an important part of learning and understanding the challenges and opportunities that lie ahead so that we can be prepared for and successful in the future. Thank you all for participating in what will surely be thought-provoking and constructive discussions. 1  President's Working Group on Financial Markets, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, Report on Stablecoins, November 2021. 2  Board of Governors of the Federal Reserve System, Overnight Reverse Repurchase Agreement Facility, January 3, 2018.