John C Williams: Banking culture - the path ahead Remarks by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the conference "Building Cultural Capital in the Financial Services Industry: Emerging Practices, Risks and Opportunities", Federal Reserve Bank of New York, New York City, 4 June 2019. * * * As prepared for delivery Good morning, everyone. I’d like to begin by welcoming you to the Federal Reserve Bank of New York and to the fifth conference on culture in financial services that we’ve hosted. Before I launch into my remarks, it’s time I remind everyone that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee or others in the Federal Reserve System. When I took on the role as President of the New York Fed last year it so happened that my first day coincided with this conference. In my remarks that day, I emphasized that culture is a longterm project, a constantly evolving one, which is never done. The trouble with long-term projects with no distinct finish line is that they can lack a sense of urgency. The pressure to make real progress is often missing, especially when there are so many other priorities competing for our time. Headlines in the financial news illustrate the lack of progress. In the year since our last conference, stories of money laundering and fraud have been an all-too-frequent feature.
Mr. Erçel speaks on lessons for Turkish policy-makers from the East Asian crisis Address by the Governor of the Central Bank of the Republic of Turkey, Mr. Gazi Erçel, at the Euromoney Conference: Investing In The Future, in Istanbul, on 3/6/98. It is a pleasure to address you at this new Euromoney Conference being held in Turkey. I wish to thank Euromoney and its staff for arranging this conference, which has helped us reach a better understanding of the Turkish economy and the macroeconomic policies pursued by the authorities. I would like to speak today about “Lessons from the East Asian crisis for Turkish policy-makers”. The financial crisis in the East Asian countries has had strong effects on the economies of the world, on industrial and emerging market countries alike. Some of these effects have made themselves felt very quickly, while others will not run their course for another two or three years. I may say that these effects are strong but not dangerous. One area of particular concern is capital flows to emerging market economies, which may increase spreads and bring about a capital market retrenchment. According to a study conducted by the Institute of International Finance, net private capital flows to major emerging market economies have slowed only slightly below their 1997 level of $ billion, but are well below their 1996 level of $ billion.