We will benefit from more rapid growth in the rest of the world, but at the same time we need to be more attentive to addressing a range of challenges that could ultimately damage the prospect for future growth in living standards here at home. I want to talk about challenges we face in four areas: •  sustaining support for global economic integration,  •  the role of public policy in education and other areas that are critical to our capacity to adapt to change,  •  regulation and the role of the market, and  •  macroeconomic policy. Let me start with openness. The pressures that have come with globalization and technological change have led many to suggest that we should become less open as a country, that we should slow the pace of integration, or that we should provide greater insulation or protection from competition for selective parts of the U.S. economy. Moving in this direction would, I believe, be a fundamental mistake. More than ever before our fortunes are linked to those of the global economy. If anything, we need to become more open, not less; more open to trade in goods and services, but also to investment, to people and to ideas.
Platforms such as this contribute to the rich marketplace of ideas that will spur us to think of innovative policies and effective ways to implement them. Tackling the issue of affordable housing requires us to be creative, proactive and holistic in our solutions. This will require collaboration and commitment from all parties involved; policymakers, the private sector, developers and the public at large. It will not be easy, but it is necessary for us to build a better future not just for our families, but for our future generations. 3/3  BIS central bankers' speeches