William C Dudley: Opening remarks for the Transatlantic Economic Interdependence and Policy Challenges Conference Opening remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York and Chairman of the Committee on the Global Financial System (CGFS), at the Transatlantic Economic Interdependence and Policy Challenges Conference, Federal Reserve Bank of New York, New York City, 22 April 2013. *  *  *  It is my pleasure to welcome you to today’s conference on transatlantic economic interdependence and policy challenges. We have a great program today with many distinguished speakers from academia, and the private and public sectors. In particular, I would highlight the keynote speech following lunch by Olli Rehn, the vice president of the European Commission. We live in a global economy with a global financial system, yet macroeconomic policy and regulation and supervision have a decidedly national orientation. This creates a challenge for all of us as we seek to balance our domestic needs against the benefits from having a harmonized and integrated global system. We can do better through international cooperation and coordination both on macro policy and on regulation and supervision, rather than trying to “go it alone.” As the two largest economies in the world, the United States and the European Union have a shared stake in the vitality of the global economy. Without growth in both our regions, the global economy will not prosper and we will not be able to satisfy the aspirations of our citizens.
But, a common resolution authority and integrated deposit insurance framework that is both credible and consistent with good incentives are likely to be required, as well. The task at hand will likely require each country to give up a small amount of sovereignty with respect to banking oversight so that the outcome is viewed as fully credible. In my view, this is a critical next step in the “one money, one market” project underlying the EU agenda. I’d now like to introduce Ambassador Vale de Almeida as our next speaker. The ambassador has been here in his current role since August 2010. Prior to his current appointment, he worked as a director general at the European Commission (EC) and has had a long and distinguished career at the EC dating back to 1982. So he is extraordinarily well-versed to speak on the issues of interdependence and the policy challenges we face. Welcome Ambassador Vale de Almeida. BIS central bankers’ speeches  3