Although the economy continues to expand, we must grow faster if we are to put all of our jobless workers and idle businesses back to work. Meanwhile, price increases are likely to be at or slightly below our 2 percent longer-run objective over the next few years. Many parts of our region were showing a stronger pace of growth than the country as a whole before the storms hit – and I am hopeful that Sandy will not have pushed us off this trajectory for long. The recovery of housing markets are important part of this renewed growth, although certain communities are still weighed down by lingering high rates of delinquencies and foreclosures and some others have suffered appalling damage from Sandy. Going forward, let me reiterate that the Fed will promote maximum employment and price stability to the greatest extent our tools permit, and we will stay the course. When we achieve a stronger recovery in the context of price stability, I’ll view it as consistent with our goals and not a reason to pull back on our policies prematurely. If you’re trying to get a car moving that is stuck in the mud, you don’t stop pushing the moment the wheels start turning – you keep pushing until the car is rolling and is clearly free. Thank you for your kind attention. I would be happy to take a few questions. BIS central bankers’ speeches  7
Jean-Pierre Roth: Switzerland - a platform for global business Keynote address by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the Consulate General of Switzerland / Swiss-American Chamber of Commerce, New York, 1 June 2006. *  *  *  It is a great pleasure for me to be with you today and I would like to thank my dear friend, Ambassador Loretan, for hosting this lunch of the Swiss-American Chamber of Commerce. Swiss people always feel at home, here, in this fascinating city. New York is a unique place, not only because of its size, its beautiful skyline, its location, but foremost because of its openness to the world and its multiculturalism. Compared to New York, is Switzerland anything more than just a small village located in the heart of Europe, a country of watchmakers and chocolate producers? Is there anything to see other than the Matterhorn and the water fountain on Lake Geneva? It is interesting to note that, despite the strong presence of Swiss multinationals abroad and, of course, the very well-known Swiss flag – thanks to the Red Cross flag – Switzerland is largely ignored in international surveys and is almost non-existent in European statistics. “To live happily, live out of sight!” (pour vivre heureux vivons cachés) is a well-known proverb. This may well be true, but it serves to fuel many clichés; and misconceptions are generally counterproductive.