In Britain the creation of the Financial Services Authority led the Bank of England to build up its resources in financial stability analysis. This was a result of the Bank’s efforts to ensure that oversight of the financial system did not fall between the gaps in the new institutional structure of supervision. Since then other central banks have followed the Bank of England’s lead. Financial stability units – small teams with backgrounds in economics and banking supervision whose job it is to monitor wider trends in the financial system – are now increasingly a feature of the organisational charts of many central banks. These factors have led to a redefinition in the way in which central banks have begun to approach their traditional macro prudential remit. I would like to mention four of these in particular: •  The formalisation of payments and settlement system oversight;  •  The publication of financial stability reports;  •  Stress testing and scenario analysis; and  •  Concern with financial condition of non-bank financial intermediaries and health of corporate and household balance sheets. Let me now briefly talk about each of these in turn. Payment system oversight has been part of the core functions of central banks almost from the very beginning. However, once the formal responsibility for banking supervision was split away from central banks like the Bank of England and the Reserve Bank of Australia, these central banks began to formalise their role in payment system oversight.
A report released shortly after I came to the New York Fed showed that the typical New York State community college engages with more than 100 local employers, spanning every industry sector.4 More recently, the New York Fed hosted an event that explored ways to advance economic prosperity in rural areas.5 Many great insights were shared, including a framework for workforce development programs that contained four principles: 1) fashioning a strategy around a community's assets; 2) designing programs that are adaptable; 3) including traditionally marginalized groups in decision-making; and 4) bringing together community, business, and government leaders-like you are doing today. 2/3  BIS - Central bankers' speeches  Conclusion Developing career-building programs that meet the needs of local employers and are accessible to job seekers is critical to bridging the skills gap. Collaboration is a key component of any successful program. By joining together, we can advance the economic resilience of rural areas like Columbia and Greene Counties-and strengthen our Jenga tower. 1 Columbia-Greene LWDA Local Plan, July 1, 2021 – June 30, 2025. 2 Office of the New York State Comptroller, Availability, Access and Affordability:  Understanding Broadband Challenges in New York State, September 2021. 3 Investing in America's Workforce, a Federal Reserve System initiative in collaboration  with the Heldrich Center for Workforce Development at Rutgers University, the Ray Marshall Center at the University of Texas at Austin, and the W.E. Upjohn Institute for Employment Research (2019).