Following is the text of a speech today Delivered by Federal Reserve Chairman Ben S. Bernanke in Jackson Hole, Wyoming:
The annual meeting at Jackson Hole always provides a Valuable Opportunity Thurs reflect on the Economic and Financial Developments of the preceding year, and recently but we have had a great deal must reflect wakes Thurs. A year ago, in my remarks Thurs this conference, I reviewed the response of the global policy community to the financial 'crisis.1
Notwithstanding some important Steps forward, however, as me return once again Thurs Jackson Hole me think I'd Agree That all, for much of the world, the task of "Economic recovery and repair Remains far from complete. In Many countries, Including the United States and in most advanced industrial nations mutch, growth During the past year has Been too slow and too high joblessness Remains. Financial conditions are much Generally Improved, But Remains tight bank credit, more over, much of the work of Implementing financial 'reform lies ahead of us. Managing fiscal deficits and debt is a daunting challenge for Many countries, and imbalances in global trade and current accounts Remain a persistent problem. On the Whole, "when the Eruption of the Panic of 2008 threatened the very foundations of the global economy, the world rose to the challenge, with a Remarkable degree of international Cooperation, despite very Difficult conditions on and compressed time frames. And "when last ™ for me here, there were strong Indications That the sharp contraction of the global economy of late 2008 and early 2009 had ended. Most economies were Growing again, and international trade was once again Expanding.
This list of Concerns Makes clear that a particular return Thurs strong and stable "Economic growth will Require Appropriate and Effective Responses from Economic policy makers across a wide spectrum, as well as from leaders in the private sector. Central bankers alone Can not solve the world's Economic Problems. That Said, monetary policy Continues to play a Prominent Role in Promoting the Economic recovery and will be the focus of my remarks today. I will begin with an update on the Economic Outlook in the United States and then review the Measures That the Federal Open Market Committee (FOMC) has Taken to Support the Economic recovery and Maintain Stability price. I will CONCLUDE by Discussing and Evaluating some policy options That the FOMC has been at the disposal of ITS, Should Become Necessary Further Action.
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