DINNER AGENDA
2024 GLOBAL CITIZEN AWARDEE
ABOUT THE GLOBAL CITIZEN AWARD
The Global Citizen Award is given to individuals who have demonstrated, in their business or personal lives, a commitment to the principles set forth in our mission and vision. Recipients of the Global Citizen Award have been strong advocates of GIC’s efforts to be a leader in influencing world policies for the greater good through cooperative, international engagement among diverse thought leaders.
GIC is delighted to honor J. PAUL HORNE with the Global Citizen Award for his unwavering dedication to our mission and vision.
For over 30 years, Paul has been a cornerstone of GIC, serving as a longstanding Board Member and instrumental supporter. His leadership has been incredibly impactful in coordinating GIC’s biennial programming in Paris, where he has generously hosted members’ roundtable meetings at the historic Cercle de l’Union Interalliée.
Paul’s steadfast commitment to the GIC College of Central Bankers has also been pivotal, driving the platform’s remarkable growth since its inception in 2018.
We are deeply grateful for Paul’s extraordinary contributions to the Global Interdependence Center and the College of Central Bankers. Please join us in celebrating his well-deserved recognition as this year’s Global Citizen Award recipient!
J. PAUL HORNE
INDEPENDENT INTERNATIONAL MARKET ECONOMIST
J. Paul Horne is an active independent international market economist since retiring as a managing director and European equity market economist at Salomon Smith Barney/Citigroup in London in 2001. Prior to that, Paul was based in Paris 24 years as chief international economist and member of Smith Barney’s Investment Policy Committee, as well as a board member of Smith Barney international subsidiaries. His principal clients and interlocutors were the fund managers of the largest U.S. and European institutional investors.
He is on the boards of the Global Interdependence Center in Philadelphia; the Committee For the Republic in Washington, DC; the American Library in Paris Foundation and the Weicker scholarship for French students to attend St. Paul’s School. He is a long-time member of the Société d’Economie Politique of France and French Association of Economists. He is on the economic forecasting panel and an Associate Editor of the U.S. National Association for Business Economics. He is a member of the Cercle de l’Union Interalliée in Paris, the University Club of New York and the Metropolitan Club in Washington.
Previous positions: the Rockefeller-controlled IBEC group in Rome and Brussels (1970-1975) and economic-financial correspondent of Newsweek and The Times (London) in Rome (1960-1970). His 1971 report on Vatican finances, published on the cover of The Institutional Investor, was the first to be published with the cooperation of top Vatican officials. He graduated from St. Paul’s School and Yale University. An avid biker and player of squash and tennis, he and Mrs. Horne reside in Alexandria, VA.
PAST RECIPIENTS
2023 | Michael Drury
Chief Economist of McVean Trading & Investments, Board Member and former Chair of the Global Interdependence Center
2022 | George Tsetsekos, Ph.D.
Francis Professor of Finance and Director of the Risk Management Center at the LeBow College of Business, Board Member of the Global Interdependence Center
2019 | E. Martin Heldring
Former Senior Vice President and Managing Director of TD Bank, former Member of the Global Interdependence Center’s Board of Directors
2018 | Peter Gold, Esq.
Principal of TheGoldGroup LLC, Former Vice Chair of the College of Central Bankers
2017 | Dennis Lockhart
Former President and CEO of the Federal Reserve Bank of Atlanta, Former Chairman of the Small Enterprise Assistance Funds, Former Chairman of the advisory committee of the U.S. Export-Import Bank
2015 | François-Xavier Chevallier
Founder of Alpha Mining, founding partner in GIC’s inaugural event in Paris (2004) and subsequent events
2013 | Jeffrey Lacker, Ph.D.
Former President & CEO of the Federal Reserve Bank of Richmond
2012 | Sharon Javie, Ph.D. and William Dunkelberg, Ph.D.
Sharon Javie: Former Vice Chair of Marketing and Operations at the Global Interdependence Center and former Chair of the Marketing Department at LaSalle University
William Dunkelberg: Chairman Emeritus of the Global Interdependence Center, former Dean of the School of Management and Business at Temple University
2011 | Charles Plosser, Ph.D.
Former President and Chief Executive Officer of the Federal Reserve Bank of Philadelphia, former Director of the Bradley Policy Research Center and Dean of the William E. Simon Graduate School of Business Administration
2010 | David Kotok
Founder and Chief Investment Officer of Cumberland Advisors, Board Member of the Global Interdependence Center
2009 | Christian Noyer
Former Governor of the Banque de France, former Vice President of the European Central Bank, former Member of the European Monetary Committee
2009 | Frederick Heldring
Founding Chairman of the Global Interdependence Center, former Chairman of the Board of Philadelphia National Bank, Chairman Emeritus of the Philadelphia Development Partnership
2008 | Edward Boehne, Ph.D.
Director and Senior Economic Advisor for Haverford Quality Investing, former President of the Federal Reserve Bank of Philadelphia
2007 | Constantine Papadakis, Ph.D.
Former President of Drexel University
2005 | Anthony M. Santomero
Independent Director at Citigroup, Inc., former President of the Federal Reserve Bank of Philadelphia, Professor Emeritus of Finance at the Wharton School at the University of Pennsylvania
SPEAKERS
SPEAKER SPEAKER
WILLIAM KENNEDY
CEO, CHIEF INVESTMENT OFFICER
RISKBRIDGE ADVISORS, LLC
William R. “Bill” Kennedy, Jr. is a Founder, CEO, and Chief Investment Officer of RiskBridge, an independent, privately held investment advisory firm. RiskBridge provides outsourced chief investment officer (OCIO) solutions, investment advisory, and private wealth management to private endowments, insurers, financial advisors, and individuals. He oversees and is responsible for the firm’s investment decisions and strategic course.
Before founding RiskBridge, Bill was the Chief Investment Officer at Fieldpoint Private in Greenwich, CT. Prior to that, he was a Managing Director at Citigroup Global Markets, Inc., where he served as the Global Director of Research. Bill worked in New York and Tokyo and was a member of Citi’s Management Committee and the Global Wealth Management Planning Group. He began his investment career in 1992 as an asset allocation analyst at the DuPont Pension Fund. Bill also served in senior roles at Century Atlantic Capital and Marsh McLennan/Guy Carpenter.
Bill currently serves on the boards of the Global Interdependence Center and Immunition Bioscience, Inc., as well as the investment committee of the Congregational Church of New Canaan. He is a member of the University Club of New York, the Economic Club of New York, and the CFA Society of New York. Bill earned bachelor’s and master’s degrees from Texas Christian University.
KATHLEEN STEPHANSEN
GIC VICE CHAIR OF THE COLLEGE OF CENTRAL BANKERS
Kathleen Stephansen is GIC Chair Emerita, Senior Economist for Haver Analytics, and Trustee of EQAT Trust Funds. She is the former Chief Economist of Huawei Technologies, Chief Economist of the American International Group (AIG), and AIG Asset Management’s Senior Strategist and Global Head of Sovereign Research.
Prior to joining AIG in 2010, Kathleen was Chief Economist at Aladdin Capital Holdings, Credit Suisse’s Head of Global Economic Research, and Donaldson, Lufkin and Jenrette Securities Corporation’s co-head of Fixed Income Economic Research and Chief International Economist.
Kathleen serves on the board of the Global Interdependence Center (GIC) as the Chair Emerita. She is also a board member Economists for Peace and Security (EPS) and is a former board member of the National Association of Business Economics (NABE). She is a member of Chatham House and the Economic Club of New York.
MARK M. ZANDI
CHIEF ECONOMIST, MOODY’S ANALYTICS
Mark M. Zandi is chief economist of Moody’s Analytics, where he directs economic research. Moody’s Analytics, a subsidiary of Moody’s Corp., is a leading provider of economic research, data, and analytical tools. Dr. Zandi is a cofounder of Economy.com, which Moody’s purchased in 2005.
Dr. Zandi is on the board of directors of MGIC, the nation’s largest private mortgage insurance company, and is the lead director of Reinvestment Fund, one of the nation’s largest community development financial institutions, which makes investments in underserved communities.
He is a trusted adviser to policymakers and an influential source of economic analysis for businesses, journalists, and the public. Dr. Zandi frequently testifies before Congress and conducts regular briefings on the economy for corporate boards, trade associations, and policymakers at all levels. He is often quoted in national and global publications and interviewed by major news media outlets, and is a frequent guest on CNBC, NPR, Meet the Press, CNN, and various other national networks and news programs.
Dr. Zandi is the author of Paying the Price: Ending the Great Recession and Beginning a New American Century, which provides an assessment of the monetary and fiscal policy response to the Great Recession. His other book, Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis, is described by the New York Times as the “clearest guide” to the financial crisis.
Dr. Zandi earned his BS from the Wharton School at the University of Pennsylvania and his PhD at the University of Pennsylvania.
FEBRUARY 17-18, 2025
Climate, Currency and Central Banking
Nassau, Bahamas
PROGRAMS
FEBRUARY 20, 2025
Sovereign Debt Restructuring Conference
Philadelphia, PA
MAY 13-16, 2025
College of Central Bankers
Delegation to Prague Prague, Czech Republic
MAY 18-20, 2025
Central Banking Series
Madrid, Spain
JULY 9, 2025
Teton Economic Outlook
Jackson Hole. WY
ADVISORY BOARD
The GIC College of Central Bankers provides a distinguished forum for former leaders of monetary policymaking organizations to share their insights and thought leadership on critical issues facing central banking and global monetary policy.
Kathleen Stephansen, Vice Chair of the GIC College of Central Bankers
David E. Altig, Ph.D. Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta
Michael Drury, Chief Economist for McVean Trading & Investments, LLC
J. Paul Horne, Independent International Market Economist
William Kennedy, CEO of RiskBridge Advisors
David Kotok, Co-Founder and Chief Investment Officer of Cumberland Advisors
Michael McKee, International Economics and Policy Correspondent for Bloomberg Television and Radio
Don Rissmiller, Founding Partner and Chief Economist of Strategas
Jeremy Siegel, Ph.D., Russell E. Palmer Professor of Finance at the Wharton School of the University of Pennsylvania
Herb Taylor, Ph.D., Secretary of the Federal Advisory Council
The remarkable success of the College of Central Bankers reflects the international respect earned by the Global Interdependence Center since its founding in 1976. The CCB’s Fellows, all of whom presided over the world’s leading central banks, are an extraordinary source of wisdom on monetary policy, which is critically important today.
– J. Paul Horne, International Market Economist and CCB Advisory Board Member
2024 INDUCTEES:
Esther George Former President and CEO of the Federal Reserve Bank of Kansas City
Loretta Mester, Ph.D., Former President and CEO of the Federal Reserve Bank of Cleveland
Pablo Hernandez de Cos, Governor of the Banco de España
2023 INDUCTEES:
Charles Evans, Ph.D., Former President and CEO of the Federal Reserve Bank of Chicago
Thomas Hoenig, Ph.D. Former President and CEO of the Federal Reserve Bank of Kansas City
2022
INDUCTEES:
Jacob A. Frenkel, Ph.D., Former Governor of the Bank of Israel
Jeffrey Lacker, Ph.D., Former President and CEO of the Federal Reserve Bank of Richmond
Zdeněk Tůma Former Governor of the Czech National Bank
Axel A. Weber, Ph.D. Former President of the Deutsche Bundesbank
2021 INDUCTEES:
Zeti Aziz, Ph.D., Former Governor of the Bank Negara Malaysia
Mustapha K. Nabli, Ph.D., Former Governor of the Central Bank of Tunisia
Athanasios Orphanides, Ph.D., Former Governor of the Central Bank of Cyprus
Masaaki Shirakawa, Former Governor of the Bank of Japan
DeLisle Worrell, Ph.D., Former Governor of the Central Bank of Barbados
2020 INDUCTEES:
David (Danny) Blanchflower, Ph.D. Former Member of the Monetary Policy Committee of the Bank of England
Roger W. Ferguson, Jr., Ph.D., Former Vice Chairman of the Board of Governors of the U.S. Federal Reserve System
Jose De Gregorio, Ph.D., Former President of the Central Bank of Chile
José Manuel González Páramo, Ph.D., Former Member of the Executive Board of the European Central Bank
Patrick Honohan, Ph.D., Former Governor of Central Bank of Ireland
Alfonso Prat-Gay Former President of the Central Bank of Argentina
Katarzyna Zajdel-Kurowska, Former Board member of the Management Board of the National Bank of Poland
2019 INDUCTEES:
Charles Plosser, Ph.D., Former President & CEO of the Federal Reserve Bank of Philadelphia
Dennis Lockhart Former President & CEO of the Federal Reserve Bank of Atlanta
2018 INDUCTEES:
Christian Noyer Honorary Governor, Banque de France
Anthony Santomero, Ph.D., Former President of the Federal Reserve Bank of Philadelphia
William Poole, Ph.D., Former President of the Federal Reserve Bank of St. Louis
ONE MEMBERSHIP, A WORLD OF OPPORTUNITIES
WE INVITE YOU TO JOIN US
As a Member of the Global Interdependence Center, you are an integral part of our neutral, nonpartisan forum to expand awareness, advance shared interests, and promote social stewardship.
In addition to benefits such as premier access to GIC programs in the US, around the world, and virtually, access to the members-only LinkedIn group, and the opportunity to contribute content to the GIC blog, GIC offers our Members access to our smaller, private roundtables held under Chatham House Rule*. GIC’s private roundtable discussions have become a hallmark of our programming, inviting Members to participate in a candid exchange of viewpoints and ideas among industry leaders on issues most relevant to the global economic environment. GIC Members contribute to our shared global reach by supporting our mission and programming.
The Global Interdependence Center is a 501(c)(3) nonprofit organization and all donations and GIC membership dues are tax deductible.
Domestic Destinations
One Day
Events
locations: Jackson Hole, Philadelphia
International/2-Day Central Banking Series Events
Example locations: Madrid, Paris, Nassau
Delegation Trips: Multiday event with private meetings, hotel, & dinner package included
Example 2025 locations: Prague, Tokyo, Manila Previous locations: Cuba, Mexico City, Buenos Aires
access to the conference
*When a meeting, or part thereof, is held under the Chatham House Rule, participants are free to use the information received, but neither the identity nor the affiliation of the speaker(s), nor that of any other participant, may be revealed.
and one guest, and invitation to private welcome dinner for member and guest Deeply discounted registration pricing for member plus a complimentary guest, and an invitation to private welcome dinner for member and guest
TRIBUTE LETTERS
November 8, 2024
Congratulation Paul,
DRURY
GLOBAL CITIZEN AWARD
GIC Board Member and 2023 Recipient of the Global Citizen Award • 2023 • RECIPIENT OF THE
It is a pleasure to welcome you to the College of Global Citizens. In my view, the highest award that the Global Independence Center confers, as it recognizes the strong support of those who are committed to the mission laid down so many years ago. I am particularly thrilled that you are being honored, as the Paris programs that you were so instrumental in developing were always my favorites. Round tables at the Cercle are the pinnacle of GIC conversations with the open conversations under Chatham House Rules often providing the greatest insights. Your unique experience straddling both sides of the Atlantic was a huge addition to the GIC conversations and a pleasure I look forward to enjoying for many more years. It is an honor to share the title of Global Citizen with you.
Bien amicalement,
Michael Drury Chief Economist, McVean Trading & Investments
Dear Paul,
I extend my heartfelt congratulations to you on receiving the 2024 Global Citizen Award. Thank you for your longstanding dedication to the Global Interdependence Center and your remarkable commitment to its mission. Your steadfast support has been instrumental in advancing our initiatives and strengthening GIC’s international programming, particularly through the Paris program under your leadership. Your thoughtful writings, with a traditional approach to outlining dates, have always been a welcome and refreshing disruption to our routine communications. Your numerous initiatives have elevated the standards of excellence and, through your presence in France, have greatly enhanced GIC’s global visibility, setting new benchmarks for our organization. Most importantly, your critical thinking in addressing strategic matters at Board meetings has brought a refreshing perspective, enhancing the overall decisionmaking process.
Board Member of the Global Interdependence Center • 2022
It has been an honor to serve alongside you on the GIC Board of Directors, and I look forward to our continued work together.
George Tsetsekos, Ph.D.
Francis Professor of Finance, LeBow College of Business, Drexel University
MARTIN HELDRING
2019
CITIZEN AWARD
October 22, 2024
Dear Members of the GIC Board,
My enthusiastic congratulations to Paul Horne on his recognition as the Global Interdependence Center’s 2024 Global Citizen.
I was very pleased to serve on GIC’s Board with Paul for many years. Paul has been a longstanding Board Member (dating back to 1988), a dedicated supporter of GIC’s work in Paris, and the creation of our College of Central Bankers. I know personally of his steadfast and highly effective support for GIC and believe that he is a very deserving honoree.
GIC is a unique organization with which I have been involved in various ways for almost 50 years. It serves a critical role in ensuring a deeper understanding and perspective of international economic issues. Paul should be very proud of both the organization and his role in continuing its mission.
Paul, thank you for your hard work in support of GIC and enjoy this well-deserved recognition.
Martin
Heldring
Peter A. Gold, Esquire pagold@thegoldgrp.com
December 2024
2018
Dear Paul;
It is a privilege and honor to welcome you to the group of recipients of the Global Citizen Award. You truly typify a “global citizen”. Given your distinguished portfolio of GIC work over many years no one has done more for fostering global interdependence. Specifically, your work for the GIC in Paris, your Board Membership since 1988 and your support in launching the College of Central Bankers ---all critical.
Just to recall, when the College of Central Bankers was in its infancy you were the first Board member to support this initiative bringing your sound judgment, guidance, financial and other support.
Indeed, you have made a real difference. You accomplished your objectives with eloquence and tact. Congratulations my friend and
Peter A. Gold, Esquire
DENNIS
LOCKHART
• 2017 •
RECIPIENT OF THE GLOBAL CITIZEN AWARD
On the occasion of GIC’s Global Citizen Award to J. Paul Horne Dear Paul,
As a former awardee, I take great pleasure in congratulating you on receiving this honor. I know the GIC takes pains to select very worthy recipients, so I know you are most deserving. Your longstanding support of GIC as a board member is widely recognized, and I join many others in thanking you for all you have done for such a fine organization.
I look forward to honoring you at the New York Athletic Club in December. You can consider the award as the Global Interdependence Center’s Heisman Trophy!
All the best,
Dennis Lockhart
• 2016 •
RECIPIENT OF THE HELDRING AWARD FOR GLOBAL LEADERSHIP
Congratulations, Paul, on being the Global Citizen 2024.
These days, with the ideals of global interdependence under threat, being named GIC’s Global Citizen is a particularly special honor. Your commitment to global objectives and understanding shows in your 30 year dedication to the work of the Global Interdependence Center. Keep those ideals and objectives alive in your work.
L. MANN • 2013 • RECIPIENT OF THE GLOBAL CITIZEN AWARD
Congratulations!
CATHERINE L. MANN
JEFFREY M. LACKER
December 3, 2024
Dear Friends and Colleagues,
I wish to congratulate Paul Horne on the occasion of his receiving the GIC Global Citizen Award. Paul’s long history of actively supporting and promoting the GIC cause in a wide range of capacities make this recognition richly deserved. I am personally grateful for having experienced his contributions to the cause on several GIC missions and am honored to be part of this special event.
Congratulations to Paul Horne!
Jeffrey M. Lacker
Mercatus Center at George Mason University
GIC College of Central Bankers
2013 Recipient of the Global Citizen Award
December 3, 2024
Dear Friends and Colleagues,
It is a distinct privilege to write a congratulatory note to Paul Horne on the occasion of his receiving the GIC Global Citizen Award. His long and deeply involved history in support of the mission of GIC has certainly earned him this distinguished recognition. Paul’s activity with GIC spans decades as a speaker, program designer and implementer, and as a commentator with global public recognition. GIC is a growing and broadening presence, and that evolution has progressed with the assistance and participation by Paul.
I can still picture the Paris meetings and conversations which Paul helped formulate and organize. Paul became an unofficial GICer in residence in Paris and that enabled the expansive conference sequence in Paris and the expanded and extraordinary supportive relationship between the Banque de France and the GIC.
This is a special event and a moment of recognition. It is a personal honor for me to be part of this tribute to Paul’s persistence and advocacy for the work of the GIC.
Congratulations to Paul Horne.
David R. Kotok
Co-founder & Chief Investment Officer, Cumberland Advisors
Board Member, Global Interdependence Center
CHRISTIAN NOYER
• 2009 •
RECIPIENT OF THE GLOBAL CITIZEN AWARD
Dear Friends of the Global Interdependence Center:
I am delighted to join others to congratulate J. Paul Horne for his award as Global Citizen for 2024, and for its excellent choice.
Paul has been an incredible supporter of GIC’s efforts for several decades to foster a global dialogue on matters of common interest. He has been instrumental in particular for the exchange of views between Europe and America, and in parallel with his very strong commitment to the GIC, he has been working for many years with the European institute, a leading organization devoted to the transatlantic cooperation, and is actively involved in the USA Foundation of the American library of Paris. And I am particularly grateful to Paul for his active role in the coordination of GIC’s biannual meetings in Paris.
Paul has also played a very active role in the creation and the development of the GIC College of Central Bankers.
The values of the efforts by GIC in supporting an ongoing global dialogue is particularly high at the moment, when we have to face a lot of questioning of globalization and of our multilateral cooperation. Paul’s involvement in euro-American dialogue, and his commitment in developing the activities and building the success of GIC, demonstrate how much he deserves this award.
Christian Noyer
Former Vice-President of the European Central Bank (1998-2002)
Former Governor of the Banque de France (2003-2015)
Congratulations to Paul Horne on receiving the Global Citizen Award, an honor richly deserved.
On the occasion of this first, historic symposium, congratulations also to the GIC College of Central Bankers, whose members helped the global financial world navigate the COVID pandemic shock.
—
David R. Kotok
warmly congratulates J. Paul Horne on receiving the GIC Global Citizen Award.
Cygnus Asset Management is a proud sponsor of the Global Interdependence Center.
Cygnus was founded, and continues its mission, based on three founding principles: To have a meaningful and positive impact on the financial lives of our clients. To provide team members a diverse working environment which encourages professional growth. To give back to the community through ongoing philanthropic activities.
Congratulations, Paul and a heartfelt thank you for your dedication and commitment to the mission of GIC and the College of Central Bankers. Your support and enthusiasm have been invaluable in growing the College and achieving its current momentum.
A warm welcome to the CCB Fellows for participating in our first symposium and a big thank you to GIC organizers who have tirelessly made this event possible.
KATHLEEN STEPHANSEN AND ANDREW RACINE, MD, P h D
Paul, your role as a global citizen is truly commendable. We applaud your unwavering commitment to the Global Interdependence Center and your dedication to the College of Central Bankers. Your many contributions to GIC’s mission as a global forum for debate and learning have made a significant impact. Congratulations!
BILL KENNEDY
PROUD TO SUPPORT
THE GIC COLLEGE OF CENTRAL BANKERS:
This summer, GIC partnered with Banque de France to host our Central Banking Series in Paris, where we explored geopolitical and economic outlooks.
Davis Consulting Group Congratulates GIC College of Central Bankers Symposium 2024 Congratulations, Paul, on this wonderful honor. Well deserved!
The CFA Society of Philadelphia is proud to be a partner of the Global Interdependence Center and congratulates the 2024 Global Citizen Award recipient: J. Paul Horne
The CFA Society of Philadelphia (CFAP) was founded in 1943 to further the interchange of information and opinions among people in the investment community, to foster a high standard of ethics and to promote a clear public understanding of the functions of security analysis. Non-CFA charter holders interested in the financial services industry are also welcome to become members. Visit us at www.cfaphil.org.
202 4 Monet ar y Polic y Symposium
Bloomberg provides comprehensive solutions through extensive, high-quality data offerings, analytics for measuring the impact of economic indicators on the markets, and industry-leading news and research.
Congratulations to the Global Interdependence Center for 48 years of analyzing interdependence in areas critical to global stability. The College of Central Bankers Symposium on monetary policy is a very timely example of how GIC contributes to international understanding.
Thank you!
THE HORNES OF VIRGINIA
Students, Faculty, and Staff of
Congratulate the 2024 recipient of GIC’s Global Citizen Award
J. PAUL HORNE
and recognize his tireless efforts to advance the mission of GIC over the years and his commitment to an interdependent world.
Vibhas Madan, Dean and Professor of Economics
George Tsetsekos, Francis Professor of Finance and Dean Emeritus
Congratulations!
Thank you for your years of involvement both here and abroad.
BILL AND SHARON
Thank you to our sponsors for supporting our work to influence world policies for the greater good through cooperative, international engagement among diverse thought leaders.
The College of Central Bankers provides a valuable opportunity to continue professional conversations and friendships that would otherwise be less active in the years after our terms of office. Our lively discussions can often be less inhibited and hopefully draw on our accumulated experience to improve understanding of the many novel challenges of monetary and financial policy.
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