FPA 2011 Corporate DinnerEvent offered by:
Foreign Policy Association
- Tuesday, June 7, 2011
6:30 PM - 9:30 PM
St. Regis Hotel
2 East 55th Street at Fifth Avenue
New York, NY
- Event type
Event Transcripts and Video
The Foreign Policy Association hosted the 2011 Corporate Dinner with keynote address by William C. Dudley, President and Chief Executive Officer, Federal Reserve Bank of New York.
William C. Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, was honored with the FPA Medal on Tuesday, June 7. Speaking to a packed house at the St. Regis Hotel in New York City, Dudley addressed the role of the U.S. in a shifting economic environment.
The recent financial crisis, he argued, has highlighted the fact that the global economic system must change to reflect the increasing importance of emerging market economies, or EMEs. In this effort, he said, the U.S. has an opportunity, and even the responsibility, to act as a leader.
As issuer of the global reserve currency, the U.S. has unique responsibilities, and any domestic change will render across the globe. The government's and banks' top priority should be to support slow, sustainable fiscal consolidation, a system that will be more secure than the previous one without halting growth.
Dudley noted that the necessity for fiscal suitability is not political, but economic- the U.S. must make key structural adjustments to ensure its place in this global economic transformation. The future of the financial market will call for smart choices from all nations, he said, adding that fiscal consolidation in the U.S. in particular will require "the commitment of both political parties."
Remarks by William C. Dudley, President and CEO, Federal Reserve Bank of New York
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