A short list of current issues includes policy normalization in the advanced economies; potential spillovers to emerging market economies (EMEs); fragility in some EMEs; ongoing economic and financial adjustment in China; trade policy tensions; and Brexit. So, there should be no shortage of things to talk about. Diverse perspectives often lead to better thinking and outcomes, and given the variety of experiences represented today, I expect a very fruitful set of discussions. In my remarks today, I will focus on monetary policy, highlighting the evolution of Federal Reserve policy actions and communications as we’ve exited from the extraordinary stimulus that followed the crisis and recession. The good news is that 10 years after the crisis, the U.S. economy is doing very well overall. From the perspective of the Fed’s dual mandate of maximum employment and price stability, quite honestly, this is about as good as it gets. As a result, the Fed has naturally been moving toward more “normal” monetary policy. And that brings me to a key theme of my remarks today: What does “normal” monetary policy look like? Before I go any further, I should note that what I have to say represents my own views and not necessarily those of the Federal Open Market Committee (FOMC) or anyone else in the Federal Reserve System. Strong, Strong, Strong My take on the economy is well summarized by the most recent FOMC statement, in which we used variations on the word “strong” five times in only four short paragraphs.
I reiterate you do not have to do this alone and isolated. International scientific collaboration allows for increased access to research resources and infrastructure. Teaming up with professionals with complementary skills, benefitting from knowledge generated beyond boundaries is a modern and effective endeavour. We hope this Workshop as well as other conferences and activities we are hosting throughout the year will contribute to this end. I wish you great success during the Workshop proceedings and in your everyday efforts. It is my hope that getting to know each other’s work will lay the foundations for further future cooperation. Thank you! BIS central bankers’ speeches  3