The greater the distance the circle is from the center of the target, the greater are  3  Putting equal weight on (squared) inflation and unemployment deviations is reasonably standard. Given Okun’s law, this is equivalent to a formulation that weights inflation deviations four times more heavily than output deviations. In his seminal 1979 analysis, John Taylor noted that any heavier weight on inflation would reflect “extremely uneven concerns about inflation.”  BIS central bankers’ speeches  3  our policy misses. And the greater our policy misses, the greater are the social gains from aggressive monetary and other public policy actions to correct them. The bull’s-eye scorecard approach has three benefits. First, it provides accountability by clearly describing success and failure to achieve our mandated goals. Second, it renders operational the concept of the FOMC’s intent to take a balanced approach in achieving our goals. Third, the bull’s-eye guides the public’s judgment of the FOMC’s likely response to current economic conditions. While we have made considerable progress toward our goals since 2011, we still have some ways to go to reach the bull’s-eye. Missing on the full employment mandate That’s certainly clear in the case of our employment mandate. While we’ve made much progress since the onset of the Great Recession when unemployment reached a high of 10 percent, 6.7 percent is still well above the 5–1/4 percent rate I think is the longer-run normal. Indeed, 6.7 percent is higher than the 6.3 percent peak unemployment rate in the previous recession.
Ardian Fullani: The fight against money laundering Luncheon speech by Mr Ardian Fullani, Governor of the Bank of Albania, at an Anti Money Laundering workshop, Tirana, 22 June 2005. *  *  *  Dear participants, The subject of today’s workshop is, as you well know, a matter of great concern worldwide. The way we fight money laundering (ML) and counter the financing of terrorism (FT), does not have an impact on us only, but also on our neighbours and any other country with which our citizens and companies perform trade and financial relations. In these last years, to this issue has been devoted considerable time and efforts by you, by Albanian authorities and by international organisations. Besides meeting each other again and exchanging opinions on general issues, I want to use this opportunity to share with you some thoughts about the importance of the existence of a culture against ML in the institutions we represent. I will refer in this case to banks, meaning non-bank financial institutions as well. Following that, any consideration about ML will be valid also for the FT, for which I am convinced that our awareness and that of the public, is complete. With the term “culture” on anti-money laundering (AML), I refer not only to the existence in the bank of structures responsible for AML and its related procedures.