TAILIEUCHUNG - The Economic Outlook and Monetary Policy

The annual meeting at Jackson Hole always provides a valuable opportunity to reflect on the economic and financial developments of the preceding year, and recently we have had a great deal on which to reflect. A year ago, in my remarks to this conference, I reviewed the response of the global policy community to the financial crisis. 1 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 and compressed time. | For release on delivery 10 00 . EDT 8 00 . MDT August 27 2010 The Economic Outlook and Monetary Policy Remarks by Ben S. Bernanke Chairman Board of Governors of the Federal Reserve System at the Federal Reserve Bank of Kansas City Economic Symposium Jackson Hole Wyoming August 27 2010 The annual meeting at Jackson Hole always provides a valuable opportunity to reflect on the economic and financial developments of the preceding year and recently we have had a great deal on which to reflect. A year ago in my remarks to this conference I reviewed the response of the global policy community to the financial 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 and compressed time frames. And when last we gathered 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. Notwithstanding some important steps forward however as we return once again to Jackson Hole I think we would all agree that for much of the world the task of economic recovery and repair remains far from complete. In many countries including the United States and most other advanced industrial nations growth during the past year has been too slow and joblessness remains too high. Financial conditions are generally much improved but bank credit remains tight moreover 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. This list of concerns makes clear that a return to strong and stable economic growth will require appropriate and effective responses from economic policymakers across a wide spectrum as .

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