Karolina Ekholm: Macroprudential policy and clear communication contribute to financial stability Speech by Ms Karolina Ekholm, Deputy Governor of the Sveriges Riksbank, to the Swedish Banker’s Association, Stockholm, 30 March 2012. *  *  *  The views expressed in this speech are my own and are not necessarily shared by the other members of the Executive Board of the Riksbank. I would like to thank Mr Johan Molin and Mr Per Sonnerby for all their help with writing this speech. A new policy area has attracted a lot of attention recently – an area that has come to be called macroprudential policy. Macroprudential policy entails focusing on the financial system as a whole instead of on the health of an individual institution, as is the case in traditional supervision. In my view, such a broad approach is an important, and perhaps even a necessary, complement to traditional supervision. However, we must of course be realistic about what macroprudential policy can actually achieve, particularly as monetary policy and fiscal policy are also important to the stability of the financial system. Today I will speak about how I believe macroprudential policy can be used as an element of the work to prevent financial crises. This also gives me the opportunity to mention that we have recently taken a step towards a broader approach to promoting financial stability. We have namely set up a council for cooperation on macroprudential policy together with Finansinspektionen.
Richard W Fisher: “Never let your brains go to your head” (With reference to the Sages of the Ages, Diana Sorensen, John Paul Jones and “Babe” Fisher) Address by Mr Richard W Fisher, President and Chief Executive Officer of the Federal Reserve Bank of Dallas, for the 151st Commencement, Bryant University, Smithfield, Rhode Island, 17 May 2014. *  *  *  The views expressed by the author do not necessarily reflect official positions of the Federal Reserve System. Before I begin my formal remarks, I want the candidates for degrees to think about the fact that over 5,000 people are here today to celebrate your success. These are your parents and grandparents, cousins, uncles and aunts; your brothers and sisters; your friends; your teachers and coaches and counselors. They have been by your side through joyful moments and less-joyful ones. They have encouraged you. They have believed in you. And they have occasionally badgered and hectored you and … driven you nuts. All to good effect. They are here with glad and happy hearts to celebrate your admission to the society of educated men and women. You will be applauded by them many times today. But I want you, the graduating class, to turn the table on them and give them a round of applause. So stand up, turn around, put your hands together and give them a cheer. Thank them for loving you. Now, please be seated.