Once again, the time perspective is important here. The long-term view that should underpin any analysis of the sustainability of the pension system is perfectly compatible with the fact that many of the reforms needed to improve employment and, above all, productivity in the economy can only bear fruit after a relatively lengthy period of time. 2  BIS Review 51/2009  These two pillars of the strategy are evidently important. And tackling the problem of the impact of population ageing on the pension system in the long run will also require reforms. Further, these pension system reforms will complement the structural reforms mentioned earlier, in particular those relating to the labour market, and the reform to maintain healthy public finances. It is this matter which is central to this Committee’s mission. It has been working intensely in this connection over the past decade, particularly on how to modify the pension system’s current parameters to ensure its long-term sustainability. That brings me back to two other key aspects of the strategy to be agreed: the speed and scope of the changes to be made. Although the emergence of the first deficit in the system may appear a long way off, it should be borne in mind that the reform planning and implementation horizon is also long. Accordingly, the reforms should be discussed without delay so that, following their gradual implementation, they may prove fully effective when population ageing begins to exert a more virulent effect. Pension system reforms must also be sufficient.
John C Williams: Opening remarks – “Racism and the Economy: Focus on Health” Remarks (via prerecorded video) by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at “Racism and the Economy: Focus on Health”,9 September 2021. * * * As prepared for delivery Good afternoon, and welcome everyone. I’m John Williams, president and CEO of the Federal Reserve Bank of New York. I’m here to kick off what is now the eighth installment of a landmark series on the topic of Racism and the Economy sponsored by the 12 Federal Reserve Banks. These events examine structural racism’s toll on the economy and identify potential actions that can improve economic outcomes for all segments of society. There is no facet of our society immune to racism, health included. So, this afternoon, we will be looking at key issues around race and the economy through the lens of health—a focus never more urgent and critical. Before we move on with the program, I’d like to share more broadly why this is so important for the Federal Reserve, what we’re learning, and what we’re doing. And with that, I must give the standard Fed disclaimer that the views I express are my own and do not necessarily reflect those of the Federal Open Market Committee or anyone else in the Federal Reserve System. Having poor health is a challenge on many levels. We’re keenly aware that health can be a huge driver of economic inequality.