We look at how much consumers are borrowing, what they are borrowing for and if they are experiencing difficulties in making their payments. As I mentioned earlier, we are always eager to engage with students, and our commitment to the region includes a number of educational programs worth highlighting. First, Math x Economics, which encourages students attending schools serving lower-income families to consider a career in finance or economics. And, second, our yearly Fed Challenge competitions, in which teams of students from high schools and colleges in the District take on the roles of the members of the Federal Open Market Committee (FOMC) and debate what the appropriate next step is for U.S. monetary policy. All in all, there is a lot to keep myself and my colleagues fully engaged with the communities we represent. BIS central bankers’ speeches  1  Let me now review recent developments in the national and regional economy, and at the end of my talk, I will be happy to answer questions you may have about the economic outlook. As always, what I have to say reflects my own views and not necessarily those of the Federal Reserve System or the Federal Open Market Committee. National economic conditions Since the official end of the Great Recession more than five years ago, the U.S. economy has grown at a disappointing 2.2 percent compound annual rate. Several times over that period it looked as though growth was breaking out on the upside, but each time such hopes were dashed.
To harness the potential fully, genuine endeavours to develop and innovate Islamic financial instruments and activities that are able to fulfil the changing requirements of the economy and the emerging needs of the contemporary global marketplace need to be continuously pursued. Conferences such as this can contribute invaluable ideas to foster new initiatives towards the development of the Islamic financial system. With the acceleration of its global integration, it will provide the synergies and opportunities for the Islamic financial industry to evolve into an important component of the international financial system that can contribute to enhance prospects for balanced global growth and an enhanced shared prosperity. On that note, I wish you a successful Conference. Thank you. BIS Review 43/2003  3